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Andre Cronje, known as the Father of DeFi, faced a challenging decision in 2022 when fears gripped the cryptocurrency community regarding a potential market collapse. With the price of major cryptocurrencies like Bitcoin 
$111,391 plummeting to around $15,500 and concerns mounting among investors, Cronje found himself at a crossroads. This article delves into the reasons behind Cronje’s difficult choice during these turbulent times.
Andre Cronje and His Resignation
Well-known as the Father of DeFi, Cronje was compelled to cease his activities in 2022. He had launched Yearn in January 2020 and avoided token sales to prevent regulatory issues, ensuring compliance with securities laws. Furthermore, he did not profit financially from the protocol, emphasizing its open-source nature.
“I did not earn any fees from the protocol, nor did my team receive any. The protocol had no financial benefit for me; all code was open-source and available for free. I was not a U.S. citizen and had only visited the U.S. for a conference.”
Cronje established Keep3r around 2021, operating under similar guidelines. However, that year he received a letter from the SEC requesting information about YFI.
“I complied and provided as much information as I could. Just collecting details required weeks of research and effort, which I often lacked.”
SEC Pressured Him to Resign
After detailing his experience, Cronje revealed he opted to resign following prolonged stress and countless sleepless nights. He faced a dilemma: either continue developing open-source technology without financial gain or succumb to the SEC’s pressures, risking financial burdens that would haunt him.
Why is Cronje sharing this now?
“With the SEC’s new leadership, I felt it was finally safe to speak out, as previous discussions were strongly discouraged.”
