Solana Labs co-founder Toly opposes crypto reserves, warns it could undermine decentralization

Solana Labs co-founder Anatoly Yakovenko has revealed that he is against a crypto reserve in the United States. He believes that a crypto reserve will lead to the failure of decentralization once the government is put in charge of it.

Yakovenko proposed that the state should run its own reserve as a hedge against the Fed making a mistake. He argues that the U.S. government should base the reserve on objectively measurable requirements.

Solana Labs co-founder Toly says he is against a Solana crypto reserve

My reserve order of preference

1. No reserve, because if you want decentralization to fail you’d put the government in charge of it.

2. Or states run their own reserve as a hedge against the fed making a mistake

3. Or if there has to be a reserve, it’s based on objectively… https://t.co/LfYXCIeRnG

— toly 🇺🇸 (@aeyakovenko) March 6, 2025

Solana Labs co-founder Anatoly Yakovenko has distanced himself from a potential crypto reserve in the United States and gave his reserve order of preference. He argued that a crypto reserve could eradicate decentralization once the U.S. government is put in charge of it.

“I don’t care what they are, they can even be constructed such that only bitcoin satisfies them right now, they just must be objectively measurable and rationally justified.”

-Anatoly Yakovenko, co-founder of Solana Labs

Yakovenko also added that the United States could run its own crypto reserve as a hedge against the Fed making a mistake in the future. He believes that the state should base the reserve on objectively measurable requirements if there has to be a reserve. The crypto firm co-founder also highlighted that the Solana ecosystem will get it done “if there is a target to beat.”

Crypto analytic platform Polymarket estimated that 64% of Bitcoin is being used as a U.S. reserve, with Ethereum following at 42%. The firm also identified the chances of XRP and SOL being included for a reserve at 29% and 28%, respectively.

The crypto industry is bracing for the White House Crypto Summit on Friday to get further details on the makeup of the reserve, including whether additional tokens will be added. Commerce Secretary Howard Lutnick mentioned that a Bitcoin strategic reserve was something Trump was interested in since he spoke about it all during his campaign trial. Lutnick believes that the other tokens “will be treated differently –positively, but differently.”

Ripple pitches to Trump to include SOL in the crypto reserve plan

Crypto journalist Laura Shin mentioned that Ripple pitched SOL as part of a national reserve in the United States. Shin argued that sources familiar with the conversations revealed that Ripple made the move to make the inclusion of XRP in a reserve seem more legitimate.

Two sources familiar with the matter disclosed that Ripple Labs CEO Brad Garlinghouse and Chief Legal Officer Stu Alderoty reportedly pitched to the President to include SOL in the crypto reserve plan announced on Sunday. Both Ripple executives argued that the inclusion of Solana will give it more legitimacy among the crypto community.

The incorporation of Solana as a reserve helped the digital asset firm convey that it was advocating for a crypto reserve that included other virtual tokens. The crypto firm issuer of the XRP token has gained criticism over the years for being a speculative asset with insufficient usage to justify its $145 billion market capitalization.

Trump mentioned three tokens, XRP, SOL, and ADA, for potential crypto reserves, but the tokens are not considered stores of value. The inclusion of the tokens has raised questions from Ripple leaders about whether the reserve is a serious project and if it will accumulate large gains. The leaders were also wondering if the reserve is simply a way to give early investors and the insiders behind the tokens a public relations boost.

Garlinghouse said on Sunday that the crypto industry will achieve its goals and beyond “IF WE WORK TOGETHER.” He also appreciated the President’s vision of a government digital asset reserve representative of the industry. Ripple’s CEO said that “maximalism is the enemy of the industry’s progress” and was glad to see the U.S. finally moving past Bill Hinman and Biden’s SEC’s “very broken thinking.”

National Security Agency whistleblower Edward Snowden raised his concerns about Solana’s venture capital influence in November last year. He called out Solana’s reliance on venture capital and suggested that it compromised the network’s decentralization. Snowden also described the digital asset as “born in prison,” implying that its independence on VC funding could limit its autonomy and alignment with blockchain’s principles.

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