Solana co-founder says only U.S. courts should freeze stablecoins

Solana (SOL) co-founder Anatoly Yakovenko argued that dollar-pegged stablecoins should only be freezable under the authority of a U.S. court. He suggested a model with a base-layer stablecoin that could only be frozen by a court order, upon which users could wrap their own stablecoins with distinct freezing and unwrapping policies for each vault. Yakovenko added that a security team would also be necessary to respond to hacks, and that if an asset can be frozen by any entity other than a judge approved by the U.S. Senate, it cannot be considered a U.S. dollar. His comments come amid recent criticism from the crypto community that Circle's response to hacks and thefts involving USDC has been inadequate and that its power to freeze funds is overly arbitrary.