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A process is described for carrying out the dehydrogenation or hydrogenation, including hydrogenolysis, of a hydrocarbon in the presence of one or more soluble fullerene catalysts which have been dissolved in the hydrocarbon (when the hydrocarbon is a liquid capable of dissolving the fullerene catalyst) or dissolved in a solvent which is also a solvent for the hydrocarbon (when the hydrocarbon either is not a liquid or is not a liquid which is a solvent for the fullerene catalyst). The use of a liquid catalyst, i.e., a dissolved fullerene catalyst, inhibits coking reactions to thereby inhibit formation of coke on a solid catalyst or catalyst support by elimination of nucleation points or growth regions for such coke formation.