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Highlights
- Solana co-founder Anatoly Yakovenko calls Trump's Bitcoin reserve a scalpel.
- Yakovenko calls for more clarity in crypto and stablecoin regulations.
- The Solana co-founder previously criticized Trump's plans stating that it undermines decentralization.
Solana co-founder Anatoly Yakovenko offered a balance evaluation of Donald Trump’s Executive Order (EO) on the strategic Bitcoin reserve. In a recent statement, Yakovenko likened the Bitcoin reserve to a “scalpel,” suggesting that the move marks a significant step towards regulatory clarity.
Notably, the Solana founder’s statement underscores the administration’s targeted and precise regulatory framework for digital assets. Let’s unveil how Anatoly Yakovenko views Trump’s Bitcoin reserve strategy.
Donald Trump’s Bitcoin EO is a Scalpel, Says Solana Co-Founder
Donald Trump’s recent executive order for a strategic crypto reserve has invoked widespread enthusiasm. Despite some disagreements with the inclusion of altcoins like XRP, SOL, and ADA, the crypto community stands strong with the Bitcoin order. In a recent X post, Solana co-founder Anatoly Yakovenko addressed the Bitcoin reserve plan as a scalpel. This suggests that the EO’s regulatory approach is characterized by precision and specificity, rather than overly restrictive measures.
Significantly, the Solana co-founder’s message highlight the nuances of crypto regulatory landscape and the need for clarity. Yakovenko emphasized that the Bitcoin order will pave the way for more regulatory clarity in the US. He added, “We need a stablecoin bill, guidance to let banks deposit and withdraw crypto, clear rules from the sec and cftc for issuance and defi.”
Solana Co-Founder Opposes Crypto Reserve Proposal
Despite his recent endorsement, the Solana co-founder criticized Donald Trump’s crypto reserve proposal. His criticisms were based on the idea that the government control could undermine the notion of decentralization.
Recently, Yakovenko outlined his preferences regarding a US reserve of cryptocurrencies, with his top choice being no reserve at all. His second preference was to allow individual states to oversee their own reserves. This approach, he believes, would provide a safeguard against potential missteps by the Federal Reserve.
In addition to Yakovenko’s opposition, controversy arose when Cardano founder Charles Hoskinson revealed that he had not been invited to the Crypto Summit, where discussions on the reserve were slated to take place.
How Will Donald Trump’s Crypto Reserve Reshape Financial Space?
According to Robert Kiyosaki, the author of “Rich Dad Poor Dad,” Bitcoin could heal America’s financial woes. With Trump’s decision to adopt a Bitcoin reserve, the cryptocurrency is poised to reach new all-time highs, stated Kiyosaki.
However, Trump’s crypto policies could be a threat to Wall Street. Primarily due to the possible growth of stablecoins, which in turn boosts Silicon Valley’s establishment, the traditional financial ecosystem could collapse. Thus Trump’s pro-crypto stance signals the potential downfall of Wall Street.
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