As governments worldwide explore creating strategic crypto reserves, Solana Labs co-founder Anatoly Yakovenko has voiced concerns over the potential impact of a U.S. national crypto reserve. Yakovenko believes that such a move could pose a significant threat to decentralization, which is one of the core principles of blockchain technology.
How Crypto Reserves Could Kill Decentralization
In a post on X (formerly Twitter), Yakovenko mentioned his stance on the issue, emphasizing his preference for no reserve. His core argument is that putting the U.S. government in control of a crypto reserve would threaten decentralization. He suggests that if such a reserve must exist, it should be governed by clear, measurable criteria rather than government decisions.
His concerns reflect fears within the crypto industry that excessive government control over crypto assets could lead to increased regulation, surveillance, and centralization. The Solana Labs co-founder believes such a situation could undermine the fundamental principles of blockchain technology.
As a second-best option, Yakovenko proposes that individual U.S. states manage their reserves rather than rely on federal oversight. He argues that this would help mitigate risks if the Federal Reserve were to make a mistake.
Yakovenko further suggests that standards could be designed so that Bitcoin is the only asset that currently qualifies—challenging other blockchain ecosystems, including Solana, to meet the same benchmark.
He said, “If there is a target to beat, the Solana ecosystem will get it done.”
Others React to Altcoins in Crypto Reserve
Aside from Yakovenko, Brian Armstrong, co-founder and CEO of Coinbase, expressed skepticism about including multiple assets in the U.S. crypto reserve, suggesting that Bitcoin alone may be the best option. In a post on X, he argued that Bitcoin provides a “clear story as successor to gold.”
Tyler Winklevoss, co-founder of Gemini, echoed Armstrong’s sentiment, stating that while he has “nothing against” altcoins like XRP, SOL, and ADA, they are unsuitable for a strategic reserve. He argued that Bitcoin’s established status and value as the first and most secure crypto asset makes it the only viable option.
Meanwhile, at the state level, New Hampshire is the latest U.S. state to advance a Bitcoin reserve bill. The state’s House Commerce and Consumer Affairs Committee passed Bill 302 by a significant 16-1 vote, signaling strong bipartisan support.
