Andre Cronje: "There is a need for regulation" before a new era of crypto

Andre Cronje, former technical advisor to the Fantom Foundation and founder of Yearn.finance, resurfaced on Monday via Medium after announcing his departure from the DeFi and crypto space last month. In an article titled "The Rise and Fall of Crypto Culture," Cronje expressed his lament about crypto culture and called for stronger regulation and legislation of the industry.

When Cronje and his colleague Anton Nell tweeted about the fate of all the apps and services they developed, they provided no other details about their personal motivations. They even started deactivating their own Twitter accounts on March 6. Now, Cronje readers can guess that the two partners are going through some sort of moral crisis. Cronje wrote at the beginning and end of the article: "Crypto is dead. Long live crypto," illustrating his ambivalent sentiments when it comes to the future of cryptocurrencies.

The most notable line in the post was: "Crypto culture kills crypto spirit." Cronje said he "despises" crypto culture but "loves" crypto spirit. This culture of prioritizing "wealth, power, enrichment and self" suppresses principles of "self-sovereignty, self-custody and self-empowerment," he explained. He also warned that if the culture continued on its current path, it would become a "wasteland", a place where "unknown purses lurk in the shadows".

His proposed solution for this “new era” of the blockchain economy is regulation. Using the analogy of parents trying to protect their children, Cronje believes legislation is the best way to stop the crypto community from sticking their fingers in electrical outlets. "Someday they will understand, but not today," he said.

Cronje ended his article on a more optimistic note, expressing his excitement for a future driven by "trust rather than distrust" or greed. He mentioned that he "went full circle," which may indicate he's returning to the crypto space. According to Cronje's LinkedIn profile, he currently runs investment banking platform SegWit Holdings.

However, the reaction to Cronje's views on Twitter was not very supportive. Users such as “@IAMLLUCIANA” and “0xCana” pointed out the irony of Cronje’s behavior, as he made his fortune from cryptocurrency but dumped it.

Andre Cronje walked away with more than $1 billion in fortunes created by cryptocurrencies before exiting the field, attacking the "get-rich-quick mentality" and advocating strict regulation before launching an investment banking firm.

incredible

— 0xCana (@0xCana) April 18, 2022

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