Solana co-founder Anatoly Yakovenko has voiced his opposition to a US national crypto reserve, warning that government control could pose risks to decentralisation. His remarks come as former crypto exchange Mt. Gox moves 12,000 Bitcoin during a market downturn, and US President Donald Trump prepares to announce details of a strategic Bitcoin reserve.

Yakovenko Criticises Government-Controlled Crypto Reserves

On 6 March, Yakovenko shared his views on social media platform X, outlining his preference for how a US crypto reserve should be structured. His top choice, he said, would be no reserve at all, as he believes government involvement could lead to the failure of decentralisation.

As an alternative, Yakovenko suggested that individual US states could manage their own crypto reserves. This, he argued, would act as a safeguard against any potential missteps by the Federal Reserve.

Trump recently announced that a list of digital assets would be included in a US strategic crypto reserve. The selected cryptocurrencies include Bitcoin, Ether, Solana, Cardano, and XRP. However, the decision has sparked debate within the industry.

Mt. Gox Moves $1 Billion in Bitcoin

Meanwhile, defunct cryptocurrency exchange Mt. Gox has transferred 12,000 BTC—worth just over $1 billion—amid ongoing market volatility.

On 6 March, blockchain analytics firm Arkham Intelligence reported that a Mt. Gox-linked wallet had completed the transaction for a fee of just $1.64. A portion of the funds, 166.5 BTC worth around $15 million, was sent to a cold wallet, while the remaining 11,834 BTC were moved to an unidentified address.

Mt. Gox-linked entities currently hold approximately 36,080 BTC, valued at $3.26 billion. The latest transfer is the first significant transaction from Mt. Gox-affiliated wallets in over a month, with previous activity limited to minor internal transfers. The reason behind the movement remains unclear.

Trump’s Strategic Bitcoin Reserve to Be Unveiled

The Trump administration is expected to reveal plans for a strategic Bitcoin reserve at the White House Crypto Summit on 7 March, according to US Commerce Secretary Howard Lutnick.

In an interview with The Pavlovic Today, Lutnick confirmed that Bitcoin will be given a special status in the proposed national reserve. While the reserve is set to include other cryptocurrencies—such as Ether, Solana, Cardano, and XRP—Lutnick suggested that Bitcoin will receive unique treatment.

“The president definitely thinks that there’s a Bitcoin strategic reserve,” Lutnick said. “Now, there will be the question of how we handle the other cryptocurrencies. And I think the model is going to be announced on Friday.”

Trump’s decision to include altcoins in the reserve has been met with criticism from some industry figures, who argue that Bitcoin should be the sole focus due to its decentralised nature. Even long-time Bitcoin sceptic Peter Schiff has acknowledged the logic behind a BTC-only reserve but questioned the inclusion of other assets.

In response to concerns, Lutnick reassured that while Bitcoin will hold a distinct status, other digital assets will still play a role in the reserve.

“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he said.