DeFi Pioneer Andre Cronje Re-Emerges, Wants Tougher Crypto Rules
Former CEO of Yearn Finance: Andre Cronje has resurfaced after staying away from the spotlight for several months. Cronje was one of the first DeFi Developers and is well respected in the Crypto Community.
He wrote an article – Crypto Winters of the year, to express his opinion regarding the recent crisis.
While expressing his opinion, he analyzed the sad occurrence of several collision attacks that occurred during the year. He believes that enforcing stricter crypto regulations will help protect customer interest.
Cronje later said that applying comparative safeguards of traditional finance is the way to protect consumers in the crypto market. He said that regulators should regulate the minimum reserves an exchange can hold.
Cronje urged regulators to demand that all service providers are licensed. Further, he said they need to regulate risk exposure and maintain a standard of transparency. Finally, the DeFi pioneer suggests listing cryptocurrency as a financial product.
Regarding 2022 Crypto collapses, he thinks stricter crypto measures will help shield the industry from the irresponsible antics of attackers. However, the flaws in the crypto market have been exposed by the recent fall of the crypto market.
The ex-Yearn Finance CEO feels that appropriate regulation can go a long way to help. He used these crypto firm collapses as more evidence to prove that the industry needs stricter crypto regulation to keep the situation under check.
Cronje restated the catastrophic effects of the fall of multiple crypto exchanges and investment funds, saying it has brought untold economic hardship to the crypto market.
The connectedness of the market does not protect players from one another when one goes bankrupt. Hence investors are shielded from the truth.
They do not know what is done with their money or understand what they’ve been told. Cronje calls it a problem of asymmetrical information.
Andre Cronje Proffers Solutions
Cronje surmised that his emphasis on more stringent crypto regulations is for two reasons. The first reason is to protect customers’ interest, while the second is to ensure that customers can access solutions when suffering loss.
He also proffered solutions to the recent crypto lapses, encouraging the industry to adopt his ideas. These ideas involve implementing solutions like prudential supervision and insurance of deposits.
He added that customers should be allowed to seek the help of relevant authorities when necessary. Cronje emerged on the world scene when he established himself as an exceptional coder by creating Keep3rV1 and Yearn Finance.
In addition, he’s a veteran software inventor with about two decades of experience in software development. Several crypto proponents refer to Cronje’s outstanding work in decentralized finance as “pioneering.”
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