New York, Thursday, October 31, 2024- Consensys CEO Joseph Lubin criticized the SEC’s aggressive regulatory actions, holding the agency partly responsible for Consensys’s recent 20% workforce reduction.
In an October 29 blog post, Lubin stated that the SEC’s “abuse of power” has hindered innovation in the crypto space, causing significant job losses and stifling productive investment.
Lubin’s remarks follow Consensys’s ongoing legal battle with the SEC, which the company claims has overreached its regulatory authority on Ethereum. Earlier this year, Consensys sued the SEC over its regulatory stance, joining a wave of crypto firms pushing back against what they see as overbearing enforcement. The company’s layoffs come just days after an open letter to the next U.S. president, calling for clearer, consistent crypto regulation to prevent “disingenuous enforcement actions” and to safeguard American innovation.
With the November 5 presidential election approaching, Lubin and other industry leaders hope for a regulatory reset.
Both major candidates, Donald Trump and Kamala Harris, are expected to bring changes to SEC leadership, with Trump vowing to remove current SEC chair Gary Gensler.
Ripple co-founder Chris Larsen recently backed Harris, claiming her potential to foster a more innovation-friendly environment for blockchain technologies.
