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Joseph Lubin’s cryptocurrency enterprise has undergone a recent personnel rearrangement, according to recent reports.

In the last two years, Consensys has reduced its workforce by 38% amid institutional turmoil, legal battles, and macroeconomic setbacks.

Further Restructuring Efforts

According to Tuesday’s Bloomberg report, the company behind the MetaMask wallet will reduce its workforce by 7%, or 49 people, in an effort to increase profitability. A spokesperson of the company confirmed that the move is a shift in priorities, following the firm’s acquisition of Web3Auth.

CryptoPotato covered the last restructuring by Consensys, which affected 20% of the workforce, or approximately 160 employees. The cited reason at the time was the US Securities and Exchange Commission (SEC)’s “abuse of power.”

Before that, there was another reduction in staff numbers, affecting 11% of the employee count, or 96 people, due to uncertain market conditions.

It appears that the easing conditions and crypto-friendly regulations are insufficient to alleviate the need for reorganization within the business, or perhaps it’s a strategic move and preparation for further attainments.

Legal Troubles And Wins

The software firm has had its fair share of legal woes, dating back to late 2023, with the founder, Joseph Lubin, being sued by former employees for allegedly breaching equity agreements; the case remains active to date.

In early 2024, the company challenged the SEC in an attempt to prevent it from classifying ETH as a security, which was quickly resolved in favor of the broader cryptocurrency space. 

Later in the same year, roles switched, and the SEC went against the blockchain tech company, alleging that it offered unregistered securities through trading and staking via their wallet.

This case recently came to a close in February of this year, with both parties reaching an agreement and dismissing the proceedings.

Consensys is not the only company to have faced legal issues, with cases involving industry giants like Coinbase and Binance, both of which ended favorably for the exchanges.

It would also be worthwhile to note the closed investigations by the SEC involving players such as Robinhood, OpenSea, Kraken, and others, which can be broadly considered favorable to the crypto industry.

Welcome to The Logoff. Today’s edition is about a court order pushing back Elon Musk’s deadline for federal workers to take him up on his offer for a deferred resignation. That might sound niche, but it’s important for anyone who relies on a functional government. It also offers an insight into how the courts might derail Donald Trump’s broader agenda — if he complies with their orders.

What’s the latest? Midnight was supposed to be the deadline for workers to decide whether they would take Musk’s DOGE up on the offer to resign at the end of September, with (possibly) paid time off until then. But a federal judge suspended that deadline until Monday, setting up a per-deadline hearing to determine whether the “deferred resignation” offer was even legal.

So, is it legal? Well, a Georgetown Law School professor told Vox this: “They’re making a promise that is contrary to federal law — and that has very serious consequences.”

Are people taking the DOGE offer? The White House says about 40,000 federal workers have accepted the offer — the federal government employs about 2.4 million people, though not all of them have been offered the buyout.

What’s the point of the offer? Relatively few workers have taken it so far, but the offer is part of a broader plan — alongside threats of coming mass layoffs — to shrink the federal workforce at breakneck speed. It’s a bet that Trump’s team can rapidly cut the workforce without undermining the government’s ability to perform the essential services we depend on.

What’s the bigger context? Instead of pushing his agenda through Congress, Trump is claiming massive new powers for the executive branch and, specifically, for himself. But for that to work, he needs the courts to go along. If they won’t, Trump will either have to defy the courts — triggering a constitutional crisis even larger than the one we’re in already — or watch as big chunks of his agenda will fall apart.

And with that, it’s time to log off …

Say you, hypothetically, were experiencing anxiety these days? And say, on top of that, you were struggling to focus? I can relate, which is why I found this Vox piece on journaling so helpful. It’s about the “solid scientific proof that the simple act of writing about our feelings is good for our brains,” and it’s a nice reminder to take care of oneself. See you back here tomorrow.