TechFlow reported on October 29, according to Fortune, that Consensys, the developer of the cryptocurrency wallet MetaMask, has announced a 20% workforce reduction affecting approximately 160 employees. Company founder and CEO Joe Lubin disclosed the news in a blog post, attributing the layoffs to macroeconomic headwinds and legal expenses stemming from the company's ongoing battles with regulators.
Prior to this, Consensys had sent an open letter to the next U.S. president calling for clear and supportive regulations for cryptocurrencies and Web3. The letter emphasized that regulatory rulings must be transparent to ensure America remains globally competitive while addressing consumer protection and illicit activities.
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