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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’s long-standing regulatory battles have created significant costs. “Many jobs and investments are being lost due to the SEC’s abuse of power, and these attacks by the US government will cost companies millions of dollars,” Lubin said.
The SEC’s 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.
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’s 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.
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Lubin, who noted that the layoffs will affect all units, described the decision as “difficult but necessary” 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 “network state” in the future.
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