Joe Lubin, Founder and CEO of MetaMask developer Consensys, and Co-Founder of Ethereum, explained the company’s decision to reduce its workforce of 828 people by 20% in response to global economic pressures and a challenging U.S. regulatory landscape.

Visa has announced a new partnership with Coinbase, offering enhanced money movement capabilities for eligible Coinbase users in the U.S. and the EU. The integration with Visa Direct will allow Coinbase customers to deposit funds instantly using a Visa debit card. 

In an open letter addressed to Vice President Kamala Harris and Former President Donald Trump, Paxos Co-Founder and CEO Charles Cascarilla has outlined the need for stronger U.S. support for blockchain technology, cautioning that America’s financial leadership could be at risk.

Top stories in the Crypto Roundup today:

• MetaMask Creator Consensys Lays Off 20% of Staff
• Visa Enables Real-Time Deposits and Withdrawals for Coinbase Users in U.S. and EU 
• Paxos CEO Urges Next U.S. President to Champion a Stablecoin Framework

MetaMask Creator Consensys Lays Off 20% of Staff

Joe Lubin, Founder and CEO of MetaMask developer Consensys, and Co-Founder of Ethereum, explained the company’s decision to reduce its workforce of 828 people by 20% in response to global economic pressures and a challenging U.S. regulatory landscape.

Per Lubin, rising interest rates, inflation, and tightened liquidity have created a more cautious environment for Web3. He cited “ongoing regulatory uncertainty,” adding that a lack of clear guidelines has created unnecessary hurdles for builders and investors alike.

Lubin noted that lack of action on the part of U.S. Congress in creating a clear regulatory framework for crypto and the Securities and Exchange Commission’s (SEC) "abuse of power" when it comes to regulating crypto firms has ended up costing "many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars." 

Lubin pointed out that while the Web3 ecosystem is advancing rapidly, broader adoption remains on the horizon, with both Web3-native and traditional firms moving into the space. He suggested that the industry’s future lies in a decentralized economy driven by smaller, agile firms that leverage Web3 and AI-powered tools.

Consensys’ co-founder added that the current financial climate demands a more agile company, which prompted Consensys to adopt what he called a “tough but prudent” approach to streamlining operations.

Since its inception, Consensys has provided foundational infrastructure for Ethereum with products like MetaMask and Infura. Lubin mentioned that his firm now seeks to transform into a decentralized “Network State,” with loosely coupled teams positioned as builders of the Consensys ecosystem.

Visa Enables Real-Time Deposits and Withdrawals for Coinbase Users in U.S. and EU

Visa has announced a new partnership with Coinbase, offering enhanced money movement capabilities for eligible Coinbase users in the U.S. and the EU through an integration with Visa Direct that will allow Coinbase customers to deposit funds instantly using a Visa debit card.

Visa Direct is a payment network that allows businesses and individuals to send and receive money directly to Visa-branded cards in real-time. This means users can quickly transfer funds to friends, family, or employees or receive payments from businesses for refunds, rebates, or other purposes.

Coinbase, a platform with millions of users already linked to debit cards, adds this service to its offerings as the demand for immediate fund availability grows. Yanilsa Gonzalez Ore, Head of Visa Direct for North America, stated that the integration would allow eligible Coinbase customers to leverage trading opportunities anytime, improving user experience through more streamlined financial access.

In addition to enabling real-time deposits, this partnership also supports instant cashouts to bank accounts via Visa Direct, provided the user has an eligible Visa debit card. Akash Shah, Senior Director of Product Management at Coinbase, said that the new service offers users greater financial control, aligning with Coinbase’s goal of increasing economic accessibility.

It is worth noting that Coinbase also offers the Coinbase Visa debit card, also known as the Coinbase Card, which is available in several European countries (including the UK) and the U.S. (with the exception of Hawaii).

Paxos CEO Urges Next U.S. President to Champion a Stablecoin Framework

In an open letter addressed to Vice President Kamala Harris and Former President Donald Trump, Paxos Co-Founder and CEO Charles Cascarilla has outlined the need for stronger U.S. support for blockchain technology, cautioning that America’s financial leadership could be at risk.

Cascarilla criticized the U.S. financial system as “closed, outdated, and inefficient,” comparing its slow pace to that of the postal service in a digital world, and highlighted blockchain as a modern solution offering accessible, transparent, and secure financial transactions.

Noting that over 20% of Americans and 40% globally are unbanked or underbanked, Cascarilla argued that blockchain and stablecoins—seen as “digital dollars”—can update payment infrastructure, expanding economic participation and reinforcing the U.S. dollar’s international role. He emphasized that this transformation is already underway.

Paxos’ CEO said there’s regulatory “overreach” in the U.S., which he claims has driven Paxos and its peers to seek clearer regulatory pathways in other countries. He encouraged bipartisan collaboration on a stablecoin framework to reaffirm the country’s leadership in digital finance, without which jobs, capital, and blockchain expertise could increasingly move offshore.

Paxos, founded in 2012, is a blockchain company known for issuing dollar-pegged stablecoins like Pax Dollar (USDP) and PayPal USD (PYUSD), backed by reserves to ensure security and transparency.

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