Here’s why crypto badly needs to be regulated right now – and why its ethos is strangled in 2022
Mr. Andre Cronje, a leading blockchain developer known as the founder of the DeFi protocol Yearn.Finance (YFI) and a number of other popular crypto platforms, shared his view on why 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.
For him, the two are opposites: the concept of crypto ethos is about sovereign rights, self-care, and empowerment, while crypto culture is about 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:
The crypto culture has strangled the 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.”
New blockchain economy: what does it look like?
Mr Cronje likened the process to preventing a child from putting their fingers into an electrical outlet because it would have to be enforced 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 beginning of a new era for cryptocurrency and blockchain: the sphere will shift towards a “new blockchain economy” based on trust rather than lack of trust; Mr. Cronje himself is more than excited about the next installment of the trip.
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.
