Consensys Fires 20% of its Workforce

Consensys has announced that it will be reducing its workforce by 20%. This decision has been attributed to the current macroeconomic conditions and regulatory uncertainty, particularly with regards to the Securities and Exchange Commission (SEC) and their actions in the crypto space.

In a blog post, founder and CEO Joe Lubin stated that the ongoing cases with the SEC, including Consensys’, have resulted in the loss of jobs and productive investments due to the regulator’s abuse of power. He also expressed frustration with Congress for not addressing this issue.

Consensys, known for its MetaMask wallet, has been in a legal battle with the SEC over allegations of operating as an unregistered broker and offering securities through its MetaMask services.

The company is not the only one facing these challenges, as other Ethereum staking services that operated as third-party platforms for the wallet have also been sued.

The current economic climate, coupled with heightened scrutiny from the SEC, has led to many crypto companies laying off portions of their workforce.