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Home” Business” MetaMask’s moms and dad business Consensys lays off 20% of its labor force in the middle of SEC legal fights
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Vivian Nguyen
Oct. 29, 2024
Consensys simplifies operations in the middle of continuous SEC legal concerns.
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Consensys, the business behind the popular crypto wallet MetaMask, stated Tuesday it is laying off over 160 workers, representing a 20% decrease in personnel. The choice comes as the business comes to grips with macroeconomic headwinds, regulative unpredictability, and expensive legal fights with the SEC.
Joe Lubin, CEO of Consensys, revealed disappointment with the SEC’ s aggressive position towards the crypto market, arguing that the company’ s actions have actually prevented development and suppressed development.
Multiple cases with the SEC, consisting of ours, represent significant tasks and efficient financial investment lost due to the SEC’ s abuse of power and Congress’ s failure to remedy the issue,” Lubin mentioned in an article.
Consensys has actually been at the leading edge of the push for regulative clearness in the crypto area. The business submitted a suit versus the SEC previously this year, challenging the firm’ s assertion that Ethereum is a security.
In June, Consensys revealed the SEC had actually ended its examination into Ethereum 2.0, which they considered a triumph for the blockchain sector. While the court dismissed the preemptive claim, an associated case brought by the SEC is still continuous.
Regardless of the layoffs, Consensys stays dedicated to its objective of developing a decentralized future. The business prepares to accelerate its shift to a decentralized “ Network State, which intends to lower dependence on central entities and alleviate regulative dangers.
This is an establishing story.
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