Consensys CEO Joe Lubin Says SEC’s Abuse of Power Among Reasons Blockchain Firm Laying Off 20% of Staff

The CEO of blockchain software firm Consensys says the company is terminating 20% of its workers as the crypto industry faces a more cautious macroeconomic environment and regulatory uncertainty.

In a statement, Joe Lubin says that aside from rising interest rates, inflationary pressures and tightening liquidity, the lack of clear regulatory framework has also made the crypto space unnecessarily complex for innovators, builders, investors and businesses.

He says the U.S. Securities and Exchange Commission (SEC)  is causing significant losses to digital asset companies and their employees.

“Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem. Such attacks from the US government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars.”

Lubin says Consensys is streamlining its operation to remain competitive in the fast-evolving space. Affected workers will receive generous severance pay, extended stock option exercise window, outplacement services and continued healthcare benefits in relevant jurisdictions.

“To ensure our long-term sustainability and align our efforts more closely with our strategy, we made the hard decision to right-size the company and navigate this landscape with resilience and adaptability.”

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