- Trump’s Bitcoin executive order provides regulatory clarity.
- There is a need for a stablecoin bill to allow banks to deposit and withdraw crypto.
- A crypto reserve will expose the industry to the risk of centralization.
Solana’s co-founder Anatoly Yakovenko thinks Donald Trump’s Executive Order on cryptocurrency has made crypto regulation clearer, but it’s not a government crypto bailout. Yakovenko called the Executive Order a “scalpel,” through the social media platform X saying it removed uncertainty around the crypto industry for the past four years.
Stablecoin Bill Still Needed, Says Solana Founder
At the same time, the well-known stakeholder pointed out the need for a stablecoin bill. According to Yakovenko, such a bill will guide banks and let them deposit and withdraw crypto.
Also, it would clarify the SEC’s rules and those of the CFTC for issuance and DeFi.
Related: White House Crypto Summit on March 7: Expert Says Another Executive Order Expected
Crypto Reserve: Good or Bad? Yakovenko Weighs In
It’s worth pointing out that Yakovenko has pushed back on the idea of a crypto reserve, even though President Trump’s plan includes Solana in the cryptos the US government will stockpile. Yakovenko brought up the risk of centralization, saying that a US national crypto reserve could weaken decentralization.
Instead, the Solana co-founder suggested making such reserves at the state level or coming up with transparent conditions for selecting the assets to be put into the reserve, even if it means that only Bitcoin would make the cut. In his order of preference, Yakovenko said he’d rather not have a crypto reserve, arguing against the potential risks of giving the government control of such a setup.
SOL Price Swings After Trump Order News
SOL jumped to $180 on March 2 after President Trump revealed the coming US crypto reserve including XRP, ADA, and SOL, gaining 28.9% in a few hours. Trump’s announcement caused a stir in the crypto industry, leading to a debate between those who supported the move and those who were against it.
The scalability-focused altcoin lost back all the gains it made after the post within the next 24 hours, falling to the $140 region. SOL traded for $143 as of this writing, staying in a tight range after a significant drop since the beginning of the year.
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