Gemini Exchange Stops Hiring MIT Graduates and Interns Due to University’s Ties with Former SEC Chair Gary Gensler
Background on the Controversy
The Massachusetts Institute of Technology (MIT) has recently welcomed back Gary Gensler, the former Chair of the United States Securities and Exchange Commission (SEC), as a Professor of Practice at its Sloan School of Management. Gensler’s return has sparked controversy within the crypto industry, given his history of stringent regulatory actions against the sector during his tenure at the SEC.
Gemini’s Response
Tyler Winklevoss, co-founder of Gemini, has announced that the exchange will no longer consider hiring Massachusetts Institute of Technology (MIT) graduates and interns due to the university’s renewed affiliation with Gary Gensler. On January 29, Winklevoss made the announcement on X, stating that Gemini will not hire any MIT candidates as long as the institution maintains ties with Gensler.
Gemini’s Co-founders’ Reactions
Tyler Winklevoss wrote on X:
"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."
Cameron Winklevoss, the other co-founder of Gemini, also expressed his disappointment with MIT’s decision, calling it a misstep. He stated:
"Hiring Gary Gensler, the world’s leading expert on public policy failures, was a bad idea."
MIT’s FinTechAI@CSAIL Initiative
Gensler will be co-leading the FinTechAI@CSAIL initiative, a research effort within the university’s Computer Science and Artificial Intelligence Laboratory. This initiative focuses on artificial intelligence, finance, fintech, and public policy.
Industry Reactions
The decision by Gemini has sparked reactions from other industry leaders. Paradigm co-founder Matt Huang has encouraged MIT-affiliated crypto professionals to reach out, hinting at potential further action against the university. Huang stated:
"MIT-affiliated crypto professionals, let’s discuss this further. I think it’s time we take a stand against institutions that enable and employ people who have a history of stifling innovation."
Caitlin Long, CEO of Custodia Bank, questioned whether this marks the beginning of a broader industry shift, where firms distance themselves from universities welcoming former regulators accused of stifling lawful innovation. Long asked:
"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??"
Conclusion
The controversy surrounding Gensler’s return to MIT and Gemini’s response have raised questions about the role of universities in supporting or stifling innovation in the crypto industry. As the debate continues, it remains to be seen whether other firms will follow Gemini’s lead in distancing themselves from universities that welcome former regulators with a history of strict regulations.
FAQs
Q: What is the reason behind Gemini’s decision to stop hiring MIT graduates and interns?
A: Gemini’s decision is due to MIT’s renewed affiliation with Gary Gensler, the former Chair of the US Securities and Exchange Commission, who is known for his strict regulatory actions against the crypto sector.
Q: What is the significance of Gensler’s return to MIT?
A: Gensler’s return to MIT has sparked controversy within the crypto industry, given his history of stringent regulatory actions against the sector during his tenure at the SEC.
Q: What is the FinTechAI@CSAIL initiative at MIT?
A: The FinTechAI@CSAIL initiative is a research effort within the university’s Computer Science and Artificial Intelligence Laboratory, focused on artificial intelligence, finance, fintech, and public policy, led by Gensler.
Q: Will other firms follow Gemini’s lead in distancing themselves from universities that welcome former regulators?
A: The industry is closely watching how other firms respond to this controversy, and it remains to be seen whether others will follow Gemini’s lead in distancing themselves from universities that welcome former regulators with a history of strict regulations.
