Consensys Announces 20% Workforce Reduction Amid Economic Challenges

According to Odaily, Consensys, the developer behind the cryptocurrency wallet MetaMask, has announced a 20% reduction in its workforce, impacting approximately 160 employees. The company's founder and CEO, Joe Lubin, shared this news in a blog post, attributing the layoffs to macroeconomic headwinds and legal expenses from ongoing regulatory battles. Consensys had previously addressed a letter to the future President of the United States, advocating for clear and supportive regulations for cryptocurrencies and Web3. The letter emphasized the need for transparent regulatory decisions to maintain the United States' global competitiveness while addressing consumer protection and illegal activities. The company believes that regulatory uncertainty in the U.S. is hindering the development of blockchain technology. Despite the global adoption of decentralized platforms, Consensys highlighted the absence of a comprehensive framework.