{"id":31625,"date":"2024-10-29T22:00:55","date_gmt":"2024-10-29T19:00:55","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31625"},"modified":"2024-10-29T19:09:12","modified_gmt":"2024-10-29T16:09:12","slug":"consensys-to-lay-off-due-to-increasing-problems","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/consensys-to-lay-off-due-to-increasing-problems\/","title":{"rendered":"Consensys to Lay Off Due to Increasing Problems"},"content":{"rendered":"<p>Ethereum developer Consensys is laying off more than 160 employees, cutting its workforce by 20% due to legal proceedings with the SEC and macroeconomic challenges. CEO Joe Lubin announced the decision in a blog post, noting that the company\u2019s long-standing regulatory battles have created significant costs. \u201cMany jobs and investments are being lost due to the SEC\u2019s abuse of power, and these attacks by the US government will cost companies millions of dollars,\u201d Lubin said.<\/p>\n<p>The SEC\u2019s lack of clarity on digital asset companies has been criticized in the crypto sector. SEC Chairman Gary Gensler said that existing laws are clear enough, but continues to file lawsuits against crypto leaders like Consensys.<\/p>\n<p>Founded in Brooklyn in 2014, Consensys pioneered the development of blockchain by offering products for the Ethereum ecosystem, such as MetaMask. However, regulatory uncertainty has limited the company\u2019s activities. Lubin filed a lawsuit with the SEC earlier this year to confirm that Ethereum is not a security, but the federal court dismissed the lawsuit.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/what-is-babydoge\/\">What is BabyDoge?<\/a><\/em><\/p>\n<p>Lubin, who noted that the layoffs will affect all units, described the decision as \u201cdifficult but necessary\u201d and added that those who were laid off were offered generous severance packages. It is stated that Consensys will accelerate the transition to a decentralized \u201cnetwork state\u201d in the future.<\/p>\n<hr \/>\n<p><em>You can join our <strong><a href=\"https:\/\/t.me\/coinengineernews\">Telegram<\/a> <\/strong>channel to not miss the news and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum developer Consensys is laying off more than 160 employees, cutting its workforce by 20% due to legal proceedings with the SEC and macroeconomic challenges. CEO Joe Lubin announced the decision in a blog post, noting that the company\u2019s long-standing regulatory battles have created significant costs. \u201cMany jobs and investments are being lost due to<\/p>\n","protected":false},"author":6,"featured_media":31626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[549,9170,9171],"class_list":["post-31625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-consensys","tag-consensys-etheruem","tag-consensys-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consensys to Lay Off Due to Increasing Problems - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/consensys-to-lay-off-due-to-increasing-problems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consensys to Lay Off Due to Increasing Problems - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Ethereum developer Consensys is laying off more than 160 employees, cutting its workforce by 20% due to legal proceedings with the SEC and macroeconomic challenges. CEO Joe Lubin announced the decision in a blog post, noting that the company\u2019s long-standing regulatory battles have created significant costs. \u201cMany jobs and investments are being lost due to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/consensys-to-lay-off-due-to-increasing-problems\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-29T19:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-29T16:09:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/10\/consensys-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/consensys-to-lay-off-due-to-increasing-problems\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/consensys-to-lay-off-due-to-increasing-problems\/\",\"name\":\"Consensys to Lay Off Due to Increasing Problems - 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