"Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problem," founder and CEO Joe Lubin said in a blog post. "Such attacks from the US government will end up costing many companies...many millions of dollars."
Many crypto companies have laid off part of its workforce in the past years as high interest rates have left marks on many balance sheets and came at a time when the SEC was doubling down its enforcements on crypto-native firms, leading to increased spending on legal fees.
In an attempt to fight back against the regulator, Consensys earlier this year sued the SEC for regulatory overreach, arguing that it is attempting a power grab over Ethereum. The effort was part of a bigger trend seen in the crypto space of large companies willing to turn tables.
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