A company that is changing the way the world mines bitcoin

crypto.news 2025-01-30 15:43:43

Sonic founder claims SEC bullying forced him to leave crypto

Andre Cronje, the founder of Sonic, wrote that pressure from the United States Securities and Exchange Commission led to his abrupt departure from the cryptocurrency industry in 2022. In a new blog post , Cronje detailed a years-long struggle with the regulator that ultimately forced him to step away from public engagement with decentralized finance . Cronje, best known for launching Yearn Finance in 2020, said he deliberately avoided raising funds or selling tokens to steer clear of regulatory scrutiny. However, in 2021, he received his first inquiry from the Securities and Exchange Commission requesting details about Yearn Finance’s investors and profit distribution. Despite not being a United States citizen and never conducting business in the country, he complied with the request, gathering extensive information over several weeks. The SEC continued its investigation, sending additional letters that Cronje described as increasingly aggressive. Over time, the focus shifted from an alleged securities violation to questioning whether Yearn Finance’s vaults qualified as investment vehicles. These inquiries, he said, consumed his time and resources, forcing him to halt development work. “After two years of needing to deal with this every month, and endless sleepless nights and stress,” Cronje wrote that he chose to step away. He emphasized that his departure was not due to dissatisfaction with DeFi but rather the toll of constant regulatory scrutiny. You might also like: Chainlink introduces new data product for DeFi Behind the scenes Despite stepping back from the public eye, Cronje continued working on blockchain projects behind the scenes. He now says he is close to launching new DeFi initiatives. He also noted that recent shifts in the SEC’s leadership made him feel comfortable sharing his experience, as previous investigators warned him against speaking out. “Given the new direction of the SEC, I finally figured I can actually write about this, as previously I was strongly advised by those same investigators to not mention the investigation or it could escalate things,” Cronje wrote. You might also like: Analyst predicts Solana ETF approval by March as Elluminex mirrors SOL’s rally

Meist gelesene Nachrichten

Trump Media Taps Familiar Faces For Truth.Fi
2025-01-31
ECB President Lagarde Suggests Bitcoin’s Rese...
2025-01-31
Tether’s USDT Integration with Bitcoin’s Ligh...
2025-01-31
New York Stock Exchange Seeks to Convert Gray...
2025-01-31
Tether’s stablecoin to be integrated into Bit...
2025-01-31
ECB President Lagarde Dismisses Bitcoin as Re...
2025-01-31
Montana Joins the Bitcoin Movement, Igniting...
2025-01-31
Ethereum’s Accumulation Signals Possible Mark...
2025-01-31

Ähnliche Neuigkeiten

US SEC Clears Bitwise ETF Offering Dual Bitcoin an...
31 Jan 2025
Bitfinex to Launch Blockstream Mining Note 2 in El...
31 Jan 2025
Solana Surpasses Binance Smart Chain as TRUMP Toke...
31 Jan 2025
Telegram Game 'Farm Frens' Airdrop Delayed as Devs...
31 Jan 2025
SEC authorizes NYSE to trade Bitwise’s hybrid Bitc...
31 Jan 2025
Arthur Hayes Sees Bitcoin Falling to $70K—Here’s W...
31 Jan 2025

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen