Consensys, the developer of the MetaMask wallet, announced a 20% reduction in staff, citing "abuse of power" by the U.S. Securities and Exchange Commission (SEC) as one of the reasons.
The New York-based company, led by Ethereum co-founder Joseph Lubin, announced the elimination of 162 positions, explaining it as a result of regulatory uncertainty, rising interest rates, and inflation.
Consensys is in a legal dispute with the SEC, which accuses the company of operating as an unregistered broker. Lubin noted that the lack of clear regulatory guidelines makes it challenging for innovative companies to operate and leads to job losses.