MetaMask’s parent company Consensys is laying off 20% of its workforce amid SEC legal battles

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Accord has reduced its workforce by 20% due to economic and regulatory pressures. CEO Joe Lubin criticized the SEC's handling of crypto regulations.

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Consensus, the company behind the popular crypto wallet MetaMask, announced on Tuesday that it is laying off more than 160 employees, a 20% reduction in its workforce. The decision comes as the company struggles with macroeconomic headwinds, regulatory uncertainty and costly legal battles with the SEC.

Consensus CEO Joe Lubin expressed his frustration with the SEC's aggressive stance on the crypto industry, saying the agency's actions stifled innovation and stifled growth.

“Many cases involving the SEC, including ours, represent valuable jobs and productive investments lost because of the SEC's abuse of power and Congress' failure to fix the problem,” Lubin said in a blog post.

Consensus has been at the forefront of efforts for regulatory transparency in the crypto space. The company filed a lawsuit against the SEC earlier this year, the agency's certification that Ethereum is a security.

In June, Consensys announced that the SEC had ended its investigation into Ethereum 2.0, which they considered a victory for the blockchain sector. While the court dismissed the preemption lawsuit, a related case filed by the SEC is still pending.

Despite the layoffs, Consensys continues its mission to build a decentralized future. The company plans to accelerate the transition to a decentralized “network state” that aims to reduce dependence on centralized entities and reduce regulatory risks.

This is a growing story.

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