Mr. Andre Cronje, a top-tier blockchain developer known as the founder of Yearn.Finance (YFI) DeFi protocol and a number of other popular crypto platforms, shared his views on why the segment needs regulation.
Regulation is necessary for bad times
Mr. Cronje has taken to Medium to share his new essay called The Rise and Fall of Crypto Culture. It compares two phenomena of global Web3 adoption, i.e., crypto ethos and crypto culture.
The rise and fall of crypto culture— PeckShield Inc. (@peckshield) April 18, 2022
-- Andre Cronjehttps://t.co/1aMlTnLCw9
For him, the two are opposite: the crypto ethos concept is all about self-sovereign rights, self custody and self-empowerment, while crypto culture is wealth, entitlement, enrichment and ego.
By 2022, it is obvious to Mr. Cronje that the second concept is what describes the cryptocurrencies and blockchain segment better right now:
Crypto culture has strangled crypto ethos.
Thus, the moment has come for regulation in crypto as it is something we need in "bad times (...), not the good times, when its all honeymoon and champagne."
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Mr. Cronje compared this process to protecting a child from sticking his fingers into an electric outlet as it should be imposed before "they can learn why they shouldn't."
This moment is a pivotal one for the entire segment: Mr. Cronje added that "Crypto is dead, long live crypto."
At the same time, this moment is the start of a new epoch for cryptocurrency and blockchain: the sphere will switch to a "new blockchain economy" driven by trust instead of trustlessness; Mr. Cronje himself is more than excited about the next episode of the journey.
As covered by U.Today previously, in early March 2022, Mr. Cronje and his colleague Anton Nell made headlines with their resignation from Fantom-based protocols; FTM and associated DeFi assets printed double-digit drops.