Crypto Firm Consensys To Cut 20% of Workforce Amid Regulatory Headwinds (reuters.com) 13
Cryptocurrency firm Consensys said on Tuesday it would cut 20% of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry. From a report: The decision will impact 162 of a total of 828 employees at the company, Consensys CEO Joseph Lubin told Reuters in a mailed statement. Crypto companies have frequently accused the Securities and Exchange Commission of regulatory overreach and exceeding its jurisdiction, while the agency argues that the industry is disregarding securities laws designed to protect investors and other market participants.
"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," Lubin said in a blog post, opens new tab. "Such attacks from the U.S. government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars," he added.
"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," Lubin said in a blog post, opens new tab. "Such attacks from the U.S. government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars," he added.
Re: The grand master plan of crypto (Score:1)
Hi AC
I'd love to understand how an inanimate concept like "crypto" has a plan.
Can you help?
Open lie (Score:4, Insightful)
The simply existence of a regulatory environment does not put downward pressure on the workforce for a firm. It's so clearly a lie by omission that everyone should ask why their employees would no longer be profitable in a regulated environment.
"Regulatory Headwinds" (Score:5, Insightful)
Re: (Score:3)
Re: (Score:2)
bitcoin is not useless, all the others are corrupted by premines and insider trading. consensys is behind ethereum, the first major shitcoin with a premine.
Re: (Score:2)
Weird way to "protest" (Score:2)
Translation (Score:5, Insightful)
"Our sketchy business can't be maintained while we're being watched".
When Smart Executives Say Stupid Shit. (Score:1)
..would cut 20% of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry..
I’ll never quite understand why the same executives that make “smart” decisions to hire intelligent and capable employees, actually expect them to believe this bullshit when they say it. They sure as hell wouldn’t.
Man the fuck up and be honest for once. Disrespect through doublespeak gets fucking old real quick. No matter how bad a temporary business situation may be, this is how you lose good employees permanently.
Cryptocurrency lost investment ;) (Score:2)