Sonic founder claims SEC bullying forced him to leave crypto

Andre Cronje, the founder of Sonic, wrote that the pressure from the United States Securities and Exchange commission led to his brutal departure from the cryptocurrency industry in 2022.

In a New blog articleCronje detailed a fight of several years with the regulator who finally forced him to move away from public engagement with Decentralized finance.

Cronje, better known for launch Suck up In 2020, said that he had deliberately avoided collecting funds or selling tokens to avoid regulatory examination. However, in 2021, he received his first investigation from the Commission of securities Request details on investors and the distribution of profits from the entry into finance.

Although he is not an American citizen and never to conduct business in the country, he respected the request, gathering important information over several weeks.

The SEC continued its investigation, sending additional letters that Cronje described as more and more aggressive. Over time, the emphasis has gone from an alleged violation of securities to wonder if the finance entry box boxes have been qualified as investment vehicles. These surveys, he said, consumed his time and his resources, forcing him to stop development work.

“After two years to face this every month, and sleepless nights and endless stress,” wrote Cronje that he had chosen to move away.

He stressed that his departure was not due to dissatisfaction with regard to DEFI but rather to the assessment of the Constant regulatory examination.

Behind the scenes

Despite the decline in the public, Cronje continued to work on blockchain projects behind the scenes. He now says that he is about to launch new DEFI initiatives.

He also noted that recent changes in the direction of the dry made him feel comfortable sharing his experience, because the previous investigators warned him not to speak.

“Given the new management of the dry, I finally thought that I could really write on this subject, because before, I strongly inform these same investigators not to mention the investigation or it could degenerate things “wrote Cronje.