Slashdot: Crypto Firm Consensys To Cut 20% of Workforce Amid Regulatory Headwinds

Crypto Firm Consensys To Cut 20% of Workforce Amid Regulatory Headwinds
Published on October 30, 2024 at 12:52AM
Cryptocurrency firm Consensys said on Tuesday it would cut 20% of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry. From a report: The decision will impact 162 of a total of 828 employees at the company, Consensys CEO Joseph Lubin told Reuters in a mailed statement. Crypto companies have frequently accused the Securities and Exchange Commission of regulatory overreach and exceeding its jurisdiction, while the agency argues that the industry is disregarding securities laws designed to protect investors and other market participants. "Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problem," Lubin said in a blog post, opens new tab. "Such attacks from the U.S. government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars," he added.

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