Regulating Crypto Impossible, Focus On Regulated Crypto Instead, Says DeFi Developer Andre Cronje

ndtv.com:

DeFi developer Andre Cronje bats for regulated crypto

Acclaimed decentralised finance (DeFi) developer Andre Cronje announced his return to the crypto industry a month after abruptly quitting the industry. And this time, he is backed by some strong views about the emerging industry. 

Mr Cronje, who built DeFi protocols such as Yearn Finance and Solidly, says he is not interested in DeFi protocols or creating new tokens anymore but in finding ways to “engage and educate” people on regulated crypto. He announced his return to the crypto industry in a blog titled “Crypto Regulation vs Regulated Crypto”.

He has built his reputation around creating protocols that allow Defi participants to take more significant risks for higher yields. However, his collaborator, Anton Nell, tweeted on March 6 that they were “closing the chapter of contributing to the DeFi / crypto space”. 

Mr Cronje has stayed low since then. He reconsidered his views on crypto during this period, and his new interest in regulation suggests he is less ideological than before about the entire industry.

“Crypto regulation is, in my opinion, simply infeasible,” he wrote in the blog, calling for a sort of “maritime law” to govern public blockchains. “Regulated crypto, however, is very feasible,” he added.

Mr Cronje went on to say how this may be done. A company that issues and manages cryptocurrencies could seek the necessary licences in their jurisdiction. 

An exchange that operates in a jurisdiction may seek a licence. A country that wants to regulate cryptocurrency transactions can create its own National Blockchain.

“Instead of trying to fight regulatory bodies because of crypto regulation, we should be trying to engage and educate on regulated crypto,” Mr Cronje