EddieJayonCrypto
28 Jan 25
Founder of Sonic (formerly Fantom), Andre Cronje, revealed that his departure from DeFi in 2022 was due to harassment from the SEC. He detailed receiving threatening letters and escalating inquiries despite not being a US citizen or conducting business there. The harassment drained his resources and...
Andre Cronje, the founder of Sonic (formerly Fantom), recently disclosed the reasons behind his departure from DeFi in 2022. He attributed this decision to ongoing harassment from the SEC, despite not being a US citizen or conducting business there. The relentless scrutiny and threatening letters drained his resources, compelling him to cease development temporarily. However, he eventually made subtle contributions and publicly supported other projects, noting the SEC's perceptible shift in attitude.
Cronje's account sheds light on the regulatory challenges confronting the crypto space, highlighting the impact of regulatory actions on industry participants. Despite the tumultuous experience, he conveyed his enduring commitment to the crypto space, citing the SEC's more crypto-friendly approach post-Gary Gensler's resignation as instrumental in his decision to share his ordeal publicly.
This narrative underscores the real regulatory hurdles faced by industry insiders, emphasizing the evolving dynamics of the regulatory landscape and its profound implications on crypto industry participants.
This poignant account serves as a reminder of the tangible impact of regulatory hostility on industry innovators, corroborating the intricate interplay between regulatory actions and the broader crypto ecosystem.