Andre Cronje sees a ‘necessity for regulation’ ahead of crypto’s new era

Andre Cronje sees a 'necessity for regulation' ahead of crypto's new era

After announcing his resignation from the crypto and DeFi space last month, Andre Cronje, former Fantom Foundation technical advisor and founder of Yearn.finance, returned to Medium on Monday. Cronje posted a post entitled “The rise and fall crypto culture” in which he lamented the state of crypto culture and called for more regulation.

Cronje and Anton Nell, his colleague, tweeted about the fate all of the apps and services that they had created. They did not provide any details regarding their motivations. On March 6, they deactivated their Twitter accounts. Cronje’s words suggest that the two partners were experiencing an ethical crisis. “Crypto has died” is the opening and closing refrain. His ambivalence about crypto’s future illustrates this.

Related: Fantom Foundation issues clarification regarding Anton Nell’s departure and Andre Cronje’s departure

The post’s top highlight is the statement: “Cryptoculture has strangled crypto philosophy.” Cronje said that he is not a fan of crypto culture but has a deep love for it. Cronje explained that the culture which values “wealth and entitlement, enrichment, and ego” has suppressed principles of self-sovereign right, self custody, and self empowerment. He warned that the culture’s current trajectory could lead to it becoming the “badlands”, a place where “unknown pockets lurk in the shadows,”

He proposes regulation as the solution to this “new age” of blockchain economy. Cronje uses the analogy of a parent protecting their child. He believes legislation is the best way for the crypto community to be stopped from sticking its hands into an electrical outlet. He said, “One day they’ll understand, but not right now.”

Cronje ended his post in a more positive tone, expressing his optimism for a future that is “driven by trust, and not trustlessness nor greed.” Cronje mentioned that he had “come full circle”, which could indicate his return to the space. Cronje’s LinkedIn profile shows that he is currently the CEO of SegWit Holdings which is an investment banking platform.

However, Twitter’s reactions to Cronje were not supportive. People like “@IAMLLUCIANA”, and “0xCana,” point out the irony of Cronje’s actions, as someone who has made his fortune from cryptocurrency and then turned his back on it.

Andre cronje walks away with more than *1 billion dollars* in crypto, then exits the space and rails against “get rich fast mentalities”. He advocates strict regulation and then founded an incredible investment banking company.
— 0xCana (@0xCana) April 18, 2022

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