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A major crypto moment is set for Saturday, March 7. The White House will host its first-ever Crypto Summit, where discussions will go beyond Bitcoin (BTC) and Ethereum (ETH).
Word is that Cardano (ADA), XRP and Solana (SOL) could also be on the table for the U.S. Strategic Reserve. Founders and key figures behind these assets are expected to attend – except, of course, Satoshi Nakamoto.
Solana cofounder Anatoly Yakovenko has a clear stance on the reserve idea, with three possible scenarios, in his view.
Three major scenarios for U.S. Strategic Reserve
One, there should not be a reserve at all. Putting the government in charge of decentralization? A direct path to failure, says Yakovenko.
Two, individual states could establish their own reserves as a hedge against any missteps from the Federal Reserve.
Three, if a reserve must exist, it should be based on measurable and rational criteria – whatever they may be. Even if that means only Bitcoin qualifies right now, so be it. If there is a target to meet, Solana’s ecosystem will figure out how to hit it, he is convinced.
Controversy
There is also been some buzz about whether Solana actively pitched SOL for inclusion in the reserve. Yakovenko pushed back on that, saying he was never approached and never made a case for it.
He also questioned the idea of a “Solana representative” in the first place, likening it to saying there is a “Bitcoin representative.” The network, he implied, does not operate that way.
Not everyone is thrilled about broadening the reserve beyond BTC and ETH. If anything, the idea is causing more pushback than enthusiasm. Some well-known voices in crypto suspect an agenda – an effort by project founders to boost their holdings through government backing.
Others are concerned about what state involvement in crypto might mean for decentralization as a whole. One thing is certain: as the summit draws near, the debate is not going anywhere.
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