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Anchorage Digital is laying off roughly 20% of its staff, or 75 people, owing to the ongoing downturn in digital assets, according to a report from Bloomberg.

The institutional crypto platform and parent company of Anchorage Digital Bank, the first federally chartered crypto bank in the country, told Bloomberg that regulatory uncertainty in the U.S. played a role in its decision to cut staff.

“The need for better crypto infrastructure is growing ever clearer,” Anchorage said in a statement to Bloomberg. “For us, that means focusing resolutely on our status as an unequivocal qualified custodian, among other safe and regulated ways for institutions to participate in the digital asset ecosystem.”

Anchorage did not immediately respond to a request for comment.

Anchorage’s cuts follow a host of other crypto firms, including Dapper Labs, Immutable and Polygon, that have reduced staff this year. Going back to April of last year, CoinDesk estimates that crypto firms have eliminated close to 30,000 jobs.