Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, announced that the company will cease hiring MIT graduates and interns. The hiring freeze will last as long as former Securities and Exchange Commission (SEC) Chair Gary Gensler remains associated with the institution.
The bold move reflects the ongoing tension between the cryptocurrency industry and regulatory bodies.
Tyler Winklevoss Sends Strong Message to MIT
As BeInCrypto reported, Gensler returned to MIT Sloan School of Management as a professor. The return comes after years of Gensler leading the SEC’s onslaught against the crypto industry. Against this backdrop, Tyler Winklevoss sent a strong message to MIT. He articulated Gemini’s resolve not to associate with Gensler in any way.
“As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school. Not even interns for our summer intern program,” the Winklevoss twin shared on X.
The other twin, Cameron Winklevoss, has not commented on the matter. Nevertheless, he reiterated calls to boycott MIT graduates until Gensler is fired.
“Every crypto company should boycott MIT grads until Gary is fired. What a way to ruin the reputation of such an illustrious institution! We can use peace and our own market discretion where Gary used coercion and extortion,” said Erik Voorhees, founder of Venice.ai, in a post that Cameron Winklevoss re-shared.
The Winklevoss twins are among industry executives on the frontline for pro-crypto policies. They have been notably 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 President Donald Trump’s campaign contributions.
Taken together, it explains their dislike for Gensler after what has been deemed unfair regulation under his tenure. Meanwhile, the controversy has prompted discussions about the implications for MIT students and alums. Caitlin Long, the founder and CEO of Custodia Bank, also weighed in, instigating a reaction from MIT alums.
“Oooooh, as Gensler returns to MIT, are MIT alums pushing back? The world has changed—the crypto industry has already urged boycotting of law firms that hired revolving-door ex-govt regulators that attacked the law-abiding industry. Is that about to expand to universities too?” she quipped.
Indeed, Matt Huang, co-founder of crypto-focused investment firm Paradigm, is rallying MIT alums in crypto. This is likely in response to Gensler’s return and the ensuing controversy. Huang holds a B.S. in Mathematics from the same institution.
“If you are an MIT alum in crypto, please get in touch,” Huang wrote in a post on X.
Coinbase CLO Paul Grewal, who received his SB degree from MIT, has already heeded the call. This indicates the spectrum of Winklesvoss’s stance, igniting reactions within the cryptocurrency community and beyond. Some industry participants supported Winklevoss’ position, criticizing Gensler’s regulatory approach while at the SEC.
“All crypto companies should sign a pledge not to hire from any educational facilities that financially support Gensler in any way. He is a complete fraud, and working to assist in the formation of a globalist, socialist world government. Never to be trusted, ever again,” wrote CHEX Magnet, a popular user on X.
Conversely, others have defended Gensler’s academic contributions. They cited his prowess during his numerous class sessions before his tenure at the SEC.
“Anyone watch Gensler’s online MIT classes? I did. His lessons were not bad. It was a surprise to see him get absolutely nothing accomplished while SEC chair,” Tom, another user on X, challenged.
Even as Gemini takes a bold stance against Gensler’s return to MIT, the exchange faces its regulatory challenges. The company recently settled with the Commodity Futures Trading Commission (CFTC), agreeing to pay a $5 million fine.
Nevertheless, Gemini neither admitted nor denied allegations of misleading the regulator. Additionally, Gemini announced its exit from the Canadian market, citing regulatory pressures as a primary factor in its decision.
As the intersection of academia, regulation, and the cryptocurrency industry becomes a focal point of debate, the outcomes could likely have lasting implications.
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