Andre Cronje, founder of DeFi project yEarn Finance, has announced the need to regulate the crypto industry and has ran into criticism from the community.
Cronje retired earlier last month from the crypto industry along with Fantom Foundation senior architect Anton Nell, who announced their withdrawal from the approximately 25 projects they worked on.
On April 18, Cronje published an article titled “The Rise and Fall of Cryptoculture.” In it, he suggested that the current generation of project developers in the industry are repeating the mistakes of the creators of the existing monetary system in an attempt to “make something better.”
Cronje contrasted the concepts of cryptoethos and cryptoculture. In the first he included the ideas of sovereign rights, self-sacrifice and self-perfection. With the second he connected property rights, enrichment and ego.
According to him, the crypto culture “strangled the idea of cryptocurrency.” He has added:
“Now more than ever I see the need or even the urgency of regulation not as a prevention mechanism, but as a remedy.”