Consensys Announces 20% Workforce Reduction Amid Regulatory Challenges

The Ethereum software giant cites SEC disputes and macroeconomic pressures as key reasons for the layoffs.

Consensys is laying off 163 employees, approximately 20% of its workforce, affecting all departments.
CEO Joe Lubin attributes the layoffs to macroeconomic conditions and regulatory uncertainty, particularly issues with the SEC.
The SEC has accused Consensys of offering unregistered securities through its MetaMask wallet, leading to costly legal battles.
Despite recent technical achievements, Ethereum's price remains stagnant, contributing to financial pressures on Consensys.
Consensys plans to refocus on core projects like MetaMask and the Linea network, aiming for greater agility and efficiency.