Yearn Finance founder called for regulation of the crypto industry

Andre Cronje’s article “The rise and fall of crypto culture” was criticized by the community

19.04.2022 - 11:20

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What’s new? Andre Cronje, the founder of the DeFi project Yearn Finance, has published an article titled “The rise and fall of crypto culture” in which he stated the need to regulate the crypto industry to protect investors. He compared the industry to a child trying to stick their finger into an electric outlet and being stopped before they understand why they should not. Cronje suggested that the modern crypto generation repeats the mistakes of the creators of the monetary system in an attempt to do better. The article was criticized by the community.

Andre Cronje’s article “The rise and fall of crypto culture”

What else does the article say? According to Cronje, crypto culture is focused on property rights, enrichment, and ego. The developer, therefore, favors crypto ethos, in which he puts ideas such as sovereign rights and self-empowerment. Cronje made it clear that he has no intention of returning to the industry but expressed confidence in the future rise of the blockchain economy.

Criticism of Andre Cronje’s article. A trader nicknamed Tree of Alpha on his Twitter called Cronje a man who created many low-capitalized altcoins and projects precisely thanks to the lack of regulation. The trader recalled that the developer left the crypto industry and now advocates for investor protection and regulation.

Source: Twitter.com

Larry Cermak, vice president of research at The Block, said that he hopes regulators are putting legal pressure on Cronje and that it is just a psychological operation.