ConsenSys, the team that brings us the MetaMask wallet, has made the tough decision to lay off 162 employees from all departments, trimming its workforce down from 828 to 666.
CEO Joe Lubin explained that this move is a response to the broader economic challenges and the ongoing regulatory skirmishes with the Securities and Exchange Commission.
ConsenSys CEO attributes multiple reasons
https://x.com/ethereumJoseph/status/1851253503064244707
In a detailed blog post, Lubin highlighted the financial strain of multiple SEC cases, stating that regulatory “attacks from the US government” are costing companies millions of dollars.
The statement references ConsenSys’s April lawsuit against the SEC, which sought clarity on Ethereum’s security status, though the case was dismissed by a federal court.
Founded in Brooklyn back in 2014 as an incubator for the Ethereum ecosystem, ConsenSys has made a move to Texas since then. Their standout product, MetaMask, offers Ethereum s a way to manage tokens and access services in a decentralized manner.
The recent layoffs have affected every part of the company, including:
– Business development
– Product teams
– Infrastructure development
Despite facing some tough challenges, ConsenSys has managed to find a silver lining by holding its own in a regulatory showdown with the SEC regarding its Ethereum activities.
Looking forward, Lubin shared some exciting plans to speed up the company’s shift towards a decentralized “Network State” model.
The restructuring highlights the larger challenges facing the industry as cryptocurrency companies deal with regulatory uncertainty and economic obstacles.
