The discussion around a U.S. crypto reserve intensified following comments from Solana's co-founder Anatoly Yakovenko, expressing concerns over centralization.
Yakovenko's Comments on Decentralization
Anatoly Yakovenko noted that decentralization should not be state-controlled. He proposed alternatives like state-managed reserves or setting objective criteria. According to him, if Solana had clear benchmarks, the ecosystem would strive to meet them.
Ripple's Strategic Move and Industry Reactions
Ripple Labs pitched including Solana's SOL in a national crypto reserve, aiming to enhance credibility for XRP's inclusion. Despite Ripple's efforts, including engagements with President Trump, the initiative failed to gain broader support in the crypto community. Critics argue that XRP lacks real-world utility, raising questions on the rationale for including SOL and ADA in the reserve. The absence of Bitcoin and Ethereum in Trump's announcement further fueled skepticism.
Market Response and Future Implications
Polymarket data shows Bitcoin as the most likely reserve asset with a 64% probability, followed by Ethereum at 42%, while XRP and SOL hover around 29% and 28%. ADA lacks a dedicated reserve contract, adding uncertainty to its potential inclusion. The White House is set to host its first Crypto Policy Summit, which is expected to clarify details on the reserve's composition and procurement strategy.
The crypto community remains skeptical of a reserve prioritizing assets lacking store-of-value characteristics. Excluding substantial BTC or ETH holdings might render Trump's announcement less impactful in the long term.
