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Consensys has lowered its workforce by 20% resulting from financial and regulatory pressures.
CEO Joe Lubin criticizes the SEC for its dealing with of crypto laws.
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Consensys, the corporate behind the favored crypto pockets MetaMask, is shedding over160 workers, representing a 20% discount in employees, Fortune reported Tuesday.
The choice comes at a difficult time. Consensys founder and CEO Joe Lubin stated that macroeconomic headwinds and dear authorized battles with the SEC have been the first causes for the layoffs.
Lubin expressed frustration with the SEC’s aggressive stance in direction of the crypto trade, arguing that the company’s actions have hindered innovation and stifled progress.
“A number of instances with the SEC, together with ours, characterize significant jobs and productive funding misplaced as a result of SEC’s abuse of energy and Congress’s lack of ability to rectify the issue,” Lubin said in a weblog submit.
Consensys has been on the forefront of the push for regulatory readability within the crypto area. The corporate filed a lawsuit towards the SEC earlier this yr, difficult the company’s assertion that Ethereum is a safety.
In June, Consensys introduced the SEC had ended its investigation into Ethereum 2.0, which they considered a victory for the blockchain sector. Whereas the court docket dismissed the preemptive lawsuit, a associated case introduced by the SEC remains to be ongoing.
Regardless of the layoffs, Consensys stays dedicated to its mission of constructing a decentralized future. The corporate plans to speed up its transition to a decentralized “Community State,” which goals to scale back reliance on centralized entities and mitigate regulatory dangers.
This can be a growing story.
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