On October 29th, crypto wallet MetaMask developer Consensys announced a 20% layoff, involving approximately 160 employees. The company's founder and CEO Joe Lubin announced the news in a blog post, attributing the layoffs to macroeconomic headwinds and legal expenses from the company's long battle with regulators. Consensys previously sent an open letter to the future US president demanding clear and supportive regulations for cryptocurrencies and Web3. The letter states that regulatory rulings need to be transparent in order to keep the US competitive globally, while addressing consumer protection and illegal activities.