MetaMask’s parent company Consensys lays off 20% of its workforce amid SEC legal battles

Key Takeaways

Consensys has decreased its workforce by 20% because of financial and regulatory pressures.
CEO Joe Lubin criticizes the SEC for its dealing with of crypto laws.

Consensys, the corporate behind the favored crypto pockets MetaMask, is shedding over160 workers, representing a 20% discount in workers, Fortune reported Tuesday.

The choice comes at a difficult time. Consensys founder and CEO Joe Lubin stated that macroeconomic headwinds and expensive authorized battles with the SEC have been the first causes for the layoffs.

Lubin expressed frustration with the SEC’s aggressive stance in the direction of the crypto business, arguing that the company’s actions have hindered innovation and stifled development.

“A number of circumstances with the SEC, together with ours, symbolize significant jobs and productive funding misplaced as a result of SEC’s abuse of energy and Congress’s incapability to rectify the issue,” Lubin said in a weblog publish.

Consensys has been on the forefront of the push for regulatory readability within the crypto area. The corporate filed a lawsuit in opposition to 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 thought to be a victory for the blockchain sector. Whereas the courtroom dismissed the preemptive lawsuit, a associated case introduced by the SEC continues 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 cut back reliance on centralized entities and mitigate regulatory dangers.

It is a creating story.