Today in crypto, the Ethereum Foundation laid off roughly 20% of its workforce as part of a broad restructuring aimed at refocusing the organization on Ethereum’s long-term development.
Meanwhile, former Bank for International Settlements general manager Agustín Carstens said stablecoins and fiat currencies should coexist, while the US Senate passed a housing bill that includes a ban on a central bank digital currency.
Ethereum Foundation cuts 20% of staff amid restructuring
The Ethereum Foundation laid off 54 employees, or roughly 20% of its workforce, as part of a major restructuring that includes budget cuts and a new organizational structure.
On Tuesday, the nonprofit said it will reorganize into five specialized groups covering protocol development, user access, community engagement, institutional adoption and operations, with priorities including scaling, privacy, security and censorship resistance.
The announcement came after Ethereum co-founder Vitalik Buterin said the foundation plans to reduce its budget by about 40% as it transitions to a more sustainable, endowment-based funding model. He said annual spending is expected to fall from roughly 15% of the foundation’s remaining funds to around 5% after 2030, requiring difficult staffing decisions.
The move follows a wave of departures at the foundation, the most recent being co-executive director Hsiao-Wei Wang, who resigned last week.
Source: Vitalik Buterin
Former BIS chief softens stance on stablecoins
Carstens, a member of the Global Finance & Technology Network’s international advisory board, praised stablecoins for their ability to promote financial inclusion and innovation.
“I have come to appreciate what stablecoins can do to promote financial innovation, inclusion and to reduce costs,” said Carstens during a welcome address at Point Zero Forum on Tuesday. “We should try to establish conditions where we can live with fiat money and stablecoins.”
Agustín Carstens during a livestreamed welcome address at the Point Zero Forum. Source: Point Zero Forum
The remarks reflected a softer stance on stablecoins than Carstens took during his time at the BIS, when he was among the most prominent crypto critics. In a January 2022 speech, he said that stablecoins may not function as “sound money” because issuers have incentives to invest reserve assets in a “risky manner” to generate returns.
In one of his final speeches as BIS general manager in June 2025, Carstens also warned that stablecoins could emerge as a source of liquidity risk and still fell short of the three key tests money must fulfill to serve society.
While Carstens has taken a more favorable view of stablecoins, current BIS officials have remained critical of their role in the broader financial system.
Carstens’ successor and current BIS general manager, Pablo Hernández de Cos, said in April that the stablecoin market remains “small” and that its structural features constrain its ability to function as money.
Senate passes housing bill with CBDC ban until 2030
The US Senate on Monday voted 85-5 to pass a bipartisan housing affordability bill that includes a ban on the Federal Reserve creating a central bank digital currency (CBDC) until 2030, which is expected to be quickly passed by the House.
It comes after House and Senate leaders reached a deal last week to move forward with the 21st Century Road to Housing Act, which aims to increase the housing supply, but has included a CBDC ban since a version of it passed the Senate in March.
It outlines that the Fed may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency,” but makes a carve-out for stablecoins. After the CBDC ban lifts in 2030, the Fed can’t act on a CBDC without explicit congressional authorization.
The bill will now be sent to the House for a vote, where it is expected to pass quickly with the deal struck by House leaders last week, before it’s then sent to the president to sign it into law.
