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- Solana Labs’ co-founder has likened Donald Trump’s latest Executive Order on Bitcoin reserve to a scalpel, highlighting its precision and regulatory clarity.
- He also suggested that the authorities should introduce a stablecoin bill and a regulatory framework that guides the deposits and withdrawals of crypto in banks.
In a recent update, we discussed the bold move of US President Donald Trump to sign an executive order to establish a strategic Bitcoin reserve in fulfilment of a major campaign promise. Fascinatingly, this has attracted several comments from key crypto figures with the latest coming from the co-founder of Solana Labs, Anatoly Yakovenko.
According to Yakovenko, the Executive Order is just like a scalpel. Technically, his phrase represents the precision and clarity this initiative could bring to the crypto industry. In his post, the Solana co-founder explained that the Executive Order for this establishment clears all the regulatory uncertainties that have plagued the industry in the past four years.
Meanwhile, he believes that the new administration should work on a stablecoin bill as well as a framework that guides the deposits and withdrawals of crypto in banks. Also, he called for clear rules from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for issuance and Decentralized Finance (DeFi).
Previous Comments on the Strategic Bitcoin Reserve
Yakovenko’s comment comes after he previously suggested that States should run their own reserves as a “hedge against the Federal Reserve from making mistakes.”
As explained in our previous coverage, he condemned a government-controlled crypto reserve as he claimed this could undermine decentralization. Even if there has to be one, he suggested that it should be based on objectively measurable requirements. Specifically, it should be designed to fit only Bitcoin and must be rationally justified.
I don’t care what they are; they can even be constructed such that only Bitcoin satisfies them right now; they just must be objectively measurable and rationally justified. If there is a target to beat, the Solana ecosystem will get it done.
Meanwhile, the latest Executive Order on the reserve establishment instructs that all the Bitcoin forfeited through criminal or civil asset forfeiture proceedings and held by the Treasury should be capitalized. According to Arkham Intelligence, the US currently owns more than 198,000 BTC ($17 billion).
As part of the order, no additional Bitcoin acquisition would be made for the stockpile and no asset deposited in the reserve would be sold. Heads of Agencies have also been instructed to submit a full accounting of Government Digital Assets in their possession to the appropriate bodies within 30 days.
If such agency holds no Government Digital Assets, such agency shall confirm such fact to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets within 30 days of the date of this order.
Prior to this groundbreaking move, Bitcoin maximalist and CEO of MicroStrategy Michael Saylor justified the Bitcoin reserve as he claimed the asset is the foundation of the crypto economy. As outlined in our recent blog post, he went ahead to explain how bullish this could be for Bitcoin and the broader crypto market. However, our market data shows that the price reactions were disappointing.
Bitcoin declined from $90k to $84k before staging a bullish reversal to $89k. At press time, the asset had declined by 2.2% in the last 24 hours.
