The White House is set to host its first-ever Crypto Summit on March 7, where discussions will extend beyond Bitcoin and Ethereum. Founders and key figures from Cardano, XRP, and Solana are expected to participate.
Three Major Scenarios for U.S. Strategic Reserve
Solana co-founder Anatoly Yakovenko has outlined three potential approaches to the U.S. Strategic Reserve:
1. There should be no reserve at all, as entrusting decentralization to the government will lead to failure. 2. Individual states may establish their own reserves as precautions against Federal Reserve missteps. 3. If a reserve must be implemented, it should be based on measurable and rational criteria, even if currently only Bitcoin qualifies.
Controversy
Controversies have arisen regarding the creation of the reserve. Rumors suggested that Solana actively pitched SOL for inclusion, which Yakovenko denied, stating he was neither approached nor did he lobby for it. He also questioned the idea of a 'Solana representative,' likening it to a 'Bitcoin representative.'
Solana Founder’s Conclusions
Not everyone is enthusiastic about expanding the reserve beyond Bitcoin and Ethereum. The proposal is facing more pushback than support. Some in the crypto community view this as an effort by project founders to boost their holdings through governmental backing. Concerns are also growing about what state involvement in crypto could mean for decentralization.
As the summit approaches, debates over the government’s role in cryptocurrency remain heated. The discussions at this event are expected to be intense and may open new avenues for the industry.
