Close Menu
Altcoin ObserverAltcoin Observer
  • Regulation
  • Bitcoin
  • Altcoins
  • Market
  • Analysis
  • DeFi
  • Security
  • Ethereum
Categories
  • Altcoins (1,205)
  • Analysis (1,406)
  • Bitcoin (1,980)
  • Blockchain (1,148)
  • DeFi (1,359)
  • Ethereum (1,361)
  • Event (50)
  • Exclusive Deep Dive (1)
  • Landscape Ads (2)
  • Market (1,404)
  • Reddit (631)
  • Regulation (1,304)
  • Security (1,874)
  • Thought Leadership (1)
  • Uncategorized (3)
  • Videos (39)
Hand picked
  • What to expect at Trump’s same dinner
  • Branding and art same: the call “Moonpig”
  • The economist The cryptography industry is suddenly at the heart of American policy, investments by the Trump family, friendly regulators and sumptuous electoral expenses | Briefing..4 days
  • Argentina: What could happen with the institutionalization of the cryptography market?
  • Decentralized finance is booming – the same goes for security risks
We are social
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Facebook X (Twitter) Instagram
  • About us
  • Disclaimer
  • Terms of service
  • Privacy policy
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Altcoin ObserverAltcoin Observer
  • Regulation
  • Bitcoin
  • Altcoins
  • Market
  • Analysis
  • DeFi
  • Security
  • Ethereum
Events
Altcoin ObserverAltcoin Observer
Home»Regulation»Consensys reduces its workforce by 20% and cites macroeconomic and regulatory challenges
Regulation

Consensys reduces its workforce by 20% and cites macroeconomic and regulatory challenges

October 30, 2024No Comments2 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Crypto News Metamask Option02.webp.webp
Share
Facebook Twitter LinkedIn Pinterest Email


ConsenSys, the blockchain software company behind the popular crypto wallet MetaMask, is laying off a significant portion of its workforce, founder and CEO Joseph Lubin announced.

The layoffs will affect approximately 20% of the company’s staff, Lubin said in an Oct. 29 statement. The CEO of ConsenSys explained the reasons for the “difficult decision” to lay off 160 employees.

According to Lubin, who is also a co-founder of Ethereum (ETH), the decision to downsize comes amid a difficult regulatory environment. ConsenSys is also looking to streamline its operations to address macroeconomic pressures.

“Today, we are making the difficult but prudent decision to streamline our operations to position Consensys for rapid and continued innovation, long-term sustainability in potentially volatile scenarios, and continued leadership in the web3 space”

The move, he added, will help the company remain competitive.

Turning to the macroeconomic landscape, Lubin highlighted the impact of rising interest rates and inflationary pressures, as well as tight liquidity, factors that have affected many companies in the crypto sector.

There’s also the issue of regulatory uncertainty, with ConsenSys incurring legal fees in its ongoing battle with the U.S. Securities and Exchange Commission.

“Several cases with the SEC, including ours, represent significant jobs and productive investments lost due to the SEC’s abuse of power and Congress’s failure to resolve the problem,” he said. note.

The SEC’s various enforcement actions, including lawsuits, investigations, and Wells notices, cost affected companies millions of dollars.

The ConsenSys CEO’s remarks reflect broader sentiment in the crypto space, with many accusing the SEC and its chairman Gary Gensler of an anti-crypto stance that is harming the industry in the United States.

This situation has led some companies to sue the regulator for alleged abuse.

In April of this year, Consensys sued the SEC over the regulator’s stance on Ethereum, and in October wrote an open letter to the future US president on crypto regulation.

As Consensys looks to lay off staff, some crypto companies impacted by the macroeconomic environment have been looking at different options. Strategic options include mergers and acquisitions and going public.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleBitcoin Could Enter a Super Cycle, Breaking the Crypto Market Norm
Next Article Why Bitcoin remains the leading digital currency: a comprehensive analysis

Related Posts

Regulation

The economist The cryptography industry is suddenly at the heart of American policy, investments by the Trump family, friendly regulators and sumptuous electoral expenses | Briefing..4 days

May 20, 2025
Regulation

“Cryptographic markets languished in dry limbo”

May 19, 2025
Regulation

Piracy could cost Coinbase up to $ 400 million

May 19, 2025
Add A Comment
Leave A Reply Cancel Reply

Single Page Post
Share
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Featured Content
Event

Super Vietnam 2025: Where Blockchain, AI, and Innovation Converge in Southeast Asia’s Rising Tech Powerhouse

May 13, 2025

Vietnam is riding a powerful wave of technological innovation, and Super Vietnam 2025 arrives at…

Event

Istanbul Blockchain Week 2025 Is Back: The Future of Web3 Unfolds in Turkey’s Innovation Hub

May 13, 2025

Leading Web3 marketing agency EAK Digital with official media partner Altcoin Observer is proud to…

1 2 3 … 45 Next
  • Facebook
  • Twitter
  • Instagram
  • YouTube

South Korean experts warn Seoul to set up the “danger of the ecupon”

May 19, 2025

Cryp October finds that Tron moves 23 billion USDT dollars per day in 2025, exceeds Ethereum

May 19, 2025

Trader predicts the Ethereum rally to the heights of all time, expects an optimistic continuation for Chainlink and a Solana rival

May 19, 2025
Facebook X (Twitter) Instagram LinkedIn
  • About us
  • Disclaimer
  • Terms of service
  • Privacy policy
  • Contact us
© 2025 Altcoin Observer. all rights reserved by Tech Team.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 106,354.50
ethereum
Ethereum (ETH) $ 2,574.83
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.40
bnb
BNB (BNB) $ 652.39
solana
Solana (SOL) $ 171.61
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.229028
cardano
Cardano (ADA) $ 0.750402
tron
TRON (TRX) $ 0.26766