Solana co-founder Anatoly Yakovenko expresses concerns over President Trump's proposal for a national digital asset reserve.

This proposal, announced earlier this week, aims to include Bitcoin and four notable altcoins in a federal reserve, stirring debate on the implications for decentralization.

Crypto industry leaders, including Solana co-founder Anatoly Yakovenko, are expressing concerns over President Trump’s proposal for a national digital asset reserve.

Earlier this week, Trump announced plans to include Bitcoin and four prominent altcoins in a federal reserve. The aim is to create a diversified portfolio of digital assets, which will be managed by the U.S. central bank.

Yakovenko, known for his outspoken presence on X, shared his thoughts on the proposal, which has sparked debate about the implications for crypto decentralization.

"If you want decentralization to fail you’d put the government in charge of it."

Yakovenko's Resistance to the Digital Reserve Proposal

The Solana co-founder expressed his "order of preference" in a post on X, beginning with "no federal reserve would be ideal." He went on to say that he would prefer to see individual states create their own reserves to protect against potential missteps by the U.S. central bank.

"Then I’d prefer to see the president propose objectively measurable criteria that any digital asset must meet to be included in the federal reserve."

Yakovenko elaborated that these criteria could be constructed in a manner that benefits Bitcoin exclusively.

"If the inclusion criteria are reasonable then Solana may also meet those standards. If the criteria are subjective (e.g., "which project does the president like best") then only Bitcoin will be included."

Necessary Criteria for Token Inclusion in the Reserve

The Solana co-founder highlighted the importance of rational justification in the selection process. He added that if the criteria are broad enough to include Solana, it opens the door for other noteworthy tokens like Cardano and XRP to be considered.

The Market Reaction

Responses to the proposal and debate surrounding Yakovenko's stance have influenced the market dynamics of the included cryptocurrencies.

For example, Solana is currently trading at $143.40, remaining relatively stable over the past 24 hours. On the other hand, XRP has shown signs of recovery, while Cardano has faced a decline.

Such mixed performances illustrate the broader uncertainty prevailing in the market, triggered by the government's involvement in digital assets.

In conclusion, while the proposal for a national crypto reserve has gained traction among some sectors of the crypto community, it faces significant pushback from key industry figures.

These leaders stress the importance of decentralization and the dangers of governmental control. The outcome of this debate could have lasting implications for the regulatory landscape of cryptocurrencies in the United States.

It remains critical for stakeholders to engage in these discussions to navigate the evolving digital asset environment effectively.