Web3 software company Consensys is planning to cut its workforce by 20% in an effort to remain competitive in a market characterized by regulatory uncertainty and economic headwinds.

Consensys founder Joseph Lubin, also a co-founder of Ethereum, explained in an October 29th post that the layoffs are necessary to create a leaner team of “effective and high-performing” individuals. He cited both unfavorable macroeconomic conditions over the past year and ongoing regulatory uncertainty as contributing factors, particularly for U.S.-based companies.

Consensys is currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) regarding the regulatory classification of certain offerings. The SEC alleges that Consensys engaged in the unregistered sale of securities and lacked the necessary broker license. Consensys filed a lawsuit in April challenging the SEC’s authority to regulate Ethereum as a security, but a U.S. court dismissed the lawsuit on procedural grounds in September.

Lubin, however, insisted that these conditions and setbacks have not derailed Consensys from its goal of creating a powerful ecosystem in the industry.

“Even in the face of these challenges, our ecosystem is on the precipice of becoming a globally significant force, with Web3-native companies making great strides and more traditional companies embracing Web3,” Lubin said.

To departing employees, the Consensys founder pledged substantial support. Lubin also revealed that the company will soon make announcements demonstrating its commitment to supporting the vision and mission of the Ethereum project.

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