Consensys, a well-known company in the cryptocurrency industry, has recently announced a workforce reduction of 20%. This decision was made due to the challenges posed by the macroeconomic environment and regulatory pressures affecting the sector.

The company has expressed concerns about the actions of the Securities and Exchange Commission (SEC), which it believes are examples of regulatory overreach. CEO Joseph Lubin has emphasized the negative impact of the SEC's actions on job security and investment in the industry. He has also pointed out that companies facing SEC investigations or legal challenges have experienced significant financial losses. Lubin has criticized the government's approach, suggesting that it could result in substantial costs for affected firms.