Two crypto companies, dYdX and ConsenSys, have announced a new round of layoffs. What’s happening, and why are American regulators being blamed for this?

Antonio Juliano, the CEO of the decentralized derivatives exchange dYdX, announced a 35% layoff. He thanked the former employees for their work and explained the layoffs as the need to “revitalize” the exchange since, in its current form, it is “different from the company dYdX must be.”

“I have seen this over and again, and it will continue. What we are building is much larger than just a company, and this you will always be a part of.”

Notably, the layoffs at dYdX came shortly after ConsenSys cut its staff by 20%. ConsenSys CEO Joseph Lubin cited unfavorable macroeconomic conditions, uncertainty over crypto regulation in the U.S., and the cost of a legal battle with the Securities and Exchange Commission (SEC).

At the same time, Lubin called the company’s financial position stable.

According to him, ConsenSys will focus on its core revenue drivers, which aligns with its previously adopted strategy. The company’s flagship products, MetaMask and Linea, the second-layer Ethereum network, will serve as the basis for further development.

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Author: Anna Kharton