by Aima Raza
The Solana co-founder Anatoly Yakovenko opposes U.S. government management of digital money because it risks destroying the decentralized financial system.
According to Yakovenko, his statement highlights his worries about Trump wanting a government-controlled cryptocurrency reserve system with Bitcoin Ethereum XRP Cardano and Solana. He did not participate in the decision to include Solana in the selected cryptocurrencies for the national crypto reserve.
https://twitter.com/aeyakovenko/status/1897517764119830775
Yakovenko believes putting government control over an initiative would destroy the purpose of decentralization. According to the Solana co-founder the new cryptocurrency reserve ought to follow measurable standards that keep the system neutral and free from control. The criteria must work for every industry participant and have sound logic behind them no matter which coins qualify.
Solana’s Role in Question
Regardless of the evaluation criteria the scheme needs, they can be created to accept Bitcoin as the only qualified asset today. He stated that these standards need to exist according to factual data supported by reason.
Yakovenko preferred state governments maintaining digital asset reserves because these reserves would shield states from any future Federal Reserve policy mistakes. At least 26 US states are working on laws to create Bitcoin reserves based on monitoring data from Bitcoin Reserve Monitor.
Officials have not given official news yet about Yakovenko participating in the March 7 White House Crypto Summit. Announced guests at the White House event next month include leaders from MicroStrategy, Kraken, Ripple, Coinbase along with others who are major industry figures.
Crypto journalist Laura Shin added fuel to talk about Solana entering the national reserve. According to a recent report from Shin, Garlinghouse advised President Trump to include Solana in the national reserve to demonstrate XRP’s validity. During public interviews Yakovenko made it clear that he took no part in pushing for Solana to join the national reserve network. He added that he had no role in advising this decision.
Yakovenko Denies Solana Push
Yakovenko stands opposed to crypto industry figures who question how much the government should monitor decentralized initiatives. Everyone behind decentralized money believes its true purpose is to enable users worldwide to control their own finances without government interference. People who criticize Trump’s plan believe a government-controlled digital currency reserve system would bring too much regulation and could lead to abuse of authority.
Supporters of the plan believe that a national crypto reserve would help stabilize the economy as it positions the U.S. as top player in digital asset development. Our supporters suggest the United States should fortify its finances and protect against upcoming recessions by investing in different major cryptocurrencies.
The White House Crypto Summit caused corporate executives to look forward to hearing additional details from Trump’s team about their crypto reserve’s organization and supervisory methods. Experts who believe in decentralized crypto systems show strong opposition to the concept based on Yakovenko’s public stance. Their opinion will determine future United States regulations for digital currency.
#blockchain #crypto, #decentralized, #distributed, #ledger
This news is republished from another source. You can check the original article here
