Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has announced that the company will stop hiring graduates and interns from the Massachusetts Institute of Technology (MIT). The hiring ban will last as long as former Securities and Exchange Commission (SEC) Chairman Gary Gensler remains associated with the institution.
The decision reflects ongoing tension between the cryptocurrency industry and regulators.
Tyler Winklevoss sends strong message to MIT
This week, Gensler returned to the MIT Sloan School of Management as a professor. The return comes after years of Gensler leading the SEC’s crackdown on the crypto industry. In that context, Tyler Winklevoss sent a message to MIT. He articulated Gemini’s determination not to associate with Gensler in any way.
As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates of that school. Not even interns for our summer program, the Winklevoss twin shared on X.
The other twin, Cameron Winklevoss, has not commented on the matter. However, he reiterated calls for a boycott of MIT graduates until Gensler is fired.
Every crypto company should boycott MIT graduates until Gary is fired. What a way to ruin the reputation of such an illustrious institution! We can use peace and our own market judgment where Gary used coercion and extortion, said Erik Voorhees, founder of ShapeShift, in a post reshared by Cameron Winklevoss.
Industry wants more pro-crypto executives
The Winklevoss twins are among the industry executives at the forefront of pro-crypto policies. They have been active in political circles, making substantial contributions to pro-crypto candidates and causes. The twins have also been involved in significant political fundraising efforts, including contributions to President Donald Trump’s campaign.
Together, these actions explain the distaste for Gensler, who has failed to advance fair regulation under his tenure. Meanwhile, the controversy has sparked discussions about the implications for MIT students and alumni. Caitlin Long, founder and CEO of Custodia Bank, has also spoken out, prompting a backlash from MIT alumni.
“Oooooh, with Gensler returning to MIT, are MIT alumni reacting? The world has changed—the crypto industry has already called for a boycott of law firms that hired former government regulators who attacked the law-abiding industry. Is this about to expand to universities as well?” Caitlin quipped.
On the other hand, Matt Huang, co-founder of crypto-focused investment firm Paradigm, is rallying MIT alumni to crypto. This is likely in response to Gensler’s return and the ensuing controversy. Huang holds a bachelor’s degree in mathematics from the same institution.
If you are an MIT alumnus in crypto, please reach out, Huang wrote in a post on X .
Coinbase CLO Paul Grewal, who received his bachelor’s degree in business administration from MIT, has already heeded the call. This indicates the specter of Winklesvoss’s position, sparking backlash within the crypto community and beyond. Some industry participants have supported Winklevoss’s stance, criticizing Gensler’s regulatory approach while at the SEC.
All crypto companies should sign a pledge not to hire from any educational institution that financially supports Gensler in any way. He is a complete fraud and is working to help form a globalist, socialist one-world government. He should never be trusted again, wrote CHEX Magnet, a popular X user.
Gensler has supporters
Others, on the other hand, defended Gensler's academic contributions, citing his skill during his numerous teaching assignments before his tenure at the SEC.
Has anyone watched Gensler’s online lectures at MIT? I have. His lectures weren’t bad. It was a surprise to see him accomplish absolutely nothing while he was SEC chairman, challenged Tom, another user on X .
Even as Gemini takes a firm stance against Gensler’s return to MIT, the exchange faces its own regulatory challenges. The company recently reached a settlement with the Commodity Futures Trading Commission (CFTC), agreeing to pay a $5 million fine.
However, Gemini has neither admitted nor denied the allegations of misleading the regulator. Furthermore, Gemini announced its exit from the Canadian market, citing regulatory pressures as a major factor in its decision.
As the intersection of academia, regulation and the cryptocurrency industry becomes a focal point of debate, the findings could have lasting implications.
The article Gary Gensler’s Return to MIT Leads Gemini to Freeze Graduate Hiring appeared first on BeInCrypto.