Solana’s Co-Founder Reacts to Trump’s Executive Order on Cryptocurrency

Solana’s co-founder Anatoly Yakovenko believes Donald Trump’s Executive Order on cryptocurrency has clarified regulations, but it is not a government bailout. He referred to the order as a “scalpel,” expressing his view on X that it has removed the regulatory uncertainty that has plagued the crypto industry for the past four years.

> “The bitcoin EO is a scalpel. There is no government crypto bail out, and it just further clears the regulatory uncertainty that’s been such a huge pia over the last 4 years. I don’t hate it. We need a stablecoin bill, guidance to let banks deposit and withdraw crypto, clear…”
> — toly 🇺🇸 (@aeyakovenko) March 7, 2025

Need for a Stablecoin Bill

Yakovenko emphasized the necessity of a stablecoin bill, which would help guide banks in crypto transactions and clarify SEC and CFTC rules regarding asset issuance and DeFi.

Crypto Reserve: Risks Addressed

While Trump’s announcement includes Solana in the cryptos for a potential US reserve, Yakovenko has expressed concerns about the risks of centralization and is against a national crypto reserve. He suggested alternatives such as state-level reserves or transparent criteria for asset selection, even if only Bitcoin is included. Yakovenko favors avoiding a crypto reserve due to the governmental control it entails.

Market Reaction to Trump’s Announcement

Following Trump’s announcement of the US crypto reserve, SOL soared to $180 on March 2, marking a 28.9% increase in hours. However, it quickly fell back to around $140, indicating a volatile response within the crypto market.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.