Andre Cronje Believes Regulation Is Needed for New Crypto Era

Andre Cronje, the former Fantom Foundation technical advisor and founder of Yearn.finance, is disappointed in crypto’s direction according to his post on Medium. This post follows his March declaration of his intentions to leave the DeFi and cryptocurrency space.

Cronje expressed his disdain for the culture in the cryptocurrency space and has called for increased regulation and legislation in the industry in his Medium post entitled “The rise and fall of crypto culture.”

One of the main highlights of the post is the phrase, ”Crypto culture has strangled crypto ethos.” Cronje said that although he has a “disdain” for crypto culture, he still has “love” for crypto ethos.

In addition, Cronje explained how the current crypto culture prioritizes “wealth, entitlement, and ego” and is suppressing the principles of “self-sovereign rights, self-custody, and self-empowerment.” According to Cronje, if crypto culture continues down this path, it will become the “badlands.”

To correct the path crypto culture is on, Cronje proposes a solution for the “new age” of the blockchain economy that includes regulation. To justify the inclusion of regulation and legislation in the cryptocurrency space, he used the analogy of a parent trying to protect his or her child.

According to Cronje, legislation is the best way to prevent the community from sticking their fingers in the metaphorical electric outlet.

The post concluded with a more optimistic tone as Cronje expressed his excitement for a future that is “driven by trust, not trustlessness” nor greed. It is also believed that he will return to the cryptocurrency space as he mentions in the post that he has “come full circle.”