Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulatory Climate
30 employees left the company on May 21, says Jeremy Allaire, amid the turnaround in the crypto markets.
“Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees,” he wrote. Allaire stated:
“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.”
As Cointelegraph reported, Allaire had taken aim at the slow progress on unifying the patchwork U.S. regulatory landscape, but remained hopeful that the future would bring improvements.
Announcing the firings, Allaire likewise sought to underscore Circle’s overall health as a company.
“Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.,” he added.
Crypto outlet The Block also reported that Circle has purportedly lowered its March fundraising goal of $250 million by 40%, citing unnamed sources.
Circle is just the latest industry business to slim down its operations in response to an extremely challenging year.