According to TheBlock, the Celo Foundation has laid off its entire government relations team, The Block has learned.

According to four crypto industry sources in Washington, D.C., Celo axed its government relations and lobbying wing on Oct. 26.

Representatives for Celo confirmed that Chris Hayes, who had led the firm's government relations arm, no longer works for the firm but did not comment on broader layoffs.

"Unfortunately, there are financial challenges in the industry and Celo has decided to pull back from their policy engagement," Hayes said in a text message.

The firm spent $106,000 on its lobbying program in the second quarter of this year, according to Senate disclosures. The firm has yet to report its lobbying spending for the third quarter, although the reports were due last week. It did spend $50,000 on an outside lobbying contract with Cypress Advocacy.