Andre Cronje explains the reason for exiting Decentralized Finance in 2022: no fundraising or token sales, but still received SEC inquiry letters since 2021

PANews reported on January 28th that Andre Cronje, co-founder of Sonic Labs (formerly Fantom), detailed the reasons for his exit from the Decentralized Finance field in 2022. He stated that despite strict compliance with regulatory requirements when developing projects such as Yearn and Keep3r, with no fundraising, token sales, or personal gains, he still received investigation letters from the U.S. SEC starting in 2021. Cronje mentioned that these letters initially requested detailed information about YFI, and then gradually escalated to involve investigations from multiple angles, including whether the Yearn treasury constitutes an 'investment tool.' Due to the project not having a legal entity, he lacked legal support and had to spend a lot of time and resources responding to the investigations. Ultimately, these pressures forced him to stop development work and choose to withdraw from public activities after two years of legal disputes. Nevertheless, Cronje stated that he couldn't let go of his passion for decentralized finance and continued to dedicate himself to researching and developing new projects after his exit, with plans to launch new Decentralized Finance primitives.