- Solana CEO apologizes for controversial ad, calling it “mean” and pledging to keep the company out of cultural conflicts.
- Solana faces backlash over the ad; the community urges focus on innovation, while leadership clarifies it doesn’t reflect broader views.
Solana Labs CEO Anatoly Yakovenko has apologized for a controversial advertisement that sparked criticism for its messaging. The ad, titled “America Is Back — Time to Accelerate,” was removed nine hours after posting due to backlash.
Yakovenko admitted regret over his initial response and acknowledged the ad’s negative impact. The Solana Foundation has not issued an official statement but reshared Yakovenko’s apology post on X.
Yakovenko Addresses the Controversy
The advertisement, posted on March 17, depicted America as a man in a therapy session, expressing a desire to focus on innovation and cryptocurrency. The therapist suggested he instead “come up with a new gender” and “focus on pronouns.” The character responded that he wanted “to invent technologies, not genders.”
The ad was bad, and it’s still gnawing at my soul. I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group. I am grateful for the ecosystem devs and artists that immediately called it what it is both publicly and…
— toly 🇺🇸 (@aeyakovenko) March 19, 2025
The ad quickly received criticism for targeting marginalized groups, garnering 1.2 million views and 1,300 comments before being deleted.
On March 19, Yakovenko addressed the issue on X, stating, “The ad was bad, and it’s still gnawing at my soul.” He admitted he initially downplayed the backlash but later recognized the harm caused. “I am ashamed I downplayed it instead of just calling it what it is — mean and punching down on a marginalized group,” he wrote.
Many criticized it for targeting transgender and non-binary people. Cinneamhain Ventures partner Adam Cochran noted that transgender developers have made major contributions to open-source software and cryptography.
A 2017 GitHub survey showed that 1% of open-source developers were transgender, while another 1% identified as non-binary. Users pointed out the contradiction between this campaign and a recent Solana post stating, “Solana is for everyone.”
Solana Faces Backlash Over Controversial Ad, Pledges Neutrality
Matt Sorg, Solana Foundation’s Vice President of Technology, responded to the controversy by clarifying that only a small group was involved in producing the ad and that much of the work had been outsourced. He emphasized that, despite being posted on Solana’s official X account, the ad did not reflect the broader views of the Solana community.
However, this defense did little to quell criticism. Caitlin Cook, a well-known crypto commentator, called the ad “embarrassing and cringe,” arguing that Solana should focus on inspiring innovation rather than fueling division. Andrew Thurman of the Jito Foundation criticized blockchain companies for engaging in partisan messaging, urging them to maintain neutrality.
Former Solana Foundation member David McIntyre described the ad as “horrendous”, stating that celebrating American innovation did not require engaging in cultural conflicts. He called on Solana to promote its impact on technology and decentralization instead.
Solana Maintains Strong Momentum as ETF Launch Nears
Solana’s market performance remained strong despite recent controversy, with its price surging 10% in 24 hours to reach $135.25. The rally comes ahead of the Nasdaq Solana Futures ETF launch on March 20, which could attract institutional investors and strengthen Solana’s market position. Analysts suggest that if SOL maintains support above $129, it may test the $140 resistance level. However, a drop below $124 could trigger a correction.
Volatility Shares LLC is set to launch two Solana futures exchange-traded funds (ETFs) on March 20. These include the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). The introduction of these products marks a significant step toward integrating Solana into traditional investment markets.
Meanwhile, major financial firms, including Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital, are actively pursuing Solana ETF proposals. The U.S. Securities and Exchange Commission (SEC) has opened the door to these filings, indicating potential regulatory approval for additional Solana-focused investment products.
