Consensys, the blockchain development firm behind MetaMask, is laying off over 160 employees, impacting 20% of its workforce. Founder and CEO Joe Lubin cited macroeconomic challenges and substantial legal costs from regulatory battles as reasons for the layoffs. Lubin criticized the SEC’s “abuse of power” and aggressive enforcement actions for creating uncertainty and hindering productive investment in the blockchain sector. Consensys received a Wells notice from the SEC in April regarding its MetaMask Swaps and Staking offerings, and filed a lawsuit against the regulator. The company plans to pivot towards decentralization and transform infrastructure products like MetaMask into protocols while fostering a “Network State” over time.
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