Tyler Winklevoss, co-founder of Gemini, has announced a hiring freeze for graduates and interns from MIT. This decision is linked to the return of former SEC Chair Gary Gensler to MIT as a professor.
Winklevoss stated that Gemini will not hire MIT alumni while Gensler is associated with the institution. This move highlights the growing tensions between the crypto industry and regulators.
Gensler previously led the SEC’s efforts to regulate cryptocurrencies. His return to the MIT Sloan School of Management has drawn criticism from Winklevoss, who expressed a strong refusal to engage with Gensler.
Cameron Winklevoss has not made a separate statement but supports a broader industry boycott against hiring from MIT. Erik Voorhees, founder of Venice.ai, has echoed this sentiment, urging other crypto firms to follow Gemini’s example. He believes Gensler’s actions at the SEC harmed the crypto industry.
The Winklevoss twins are known for their advocacy of pro-crypto policies and have financially supported candidates who favor digital assets. Their opposition to Gensler stems from their belief that he imposed excessive regulations and was hostile toward the crypto sector.
This controversy has sparked discussions among MIT alumni and students. Caitlin Long, CEO of Custodia Bank, questioned whether alumni would oppose Gensler’s return. Matt Huang, co-founder of Paradigm, encouraged alumni in the crypto field to engage in dialogue about the issue. Paul Grewal, Coinbase’s CLO and an MIT graduate, has also weighed in, indicating that the conversation is gaining momentum.
While many in the crypto community support Winklevoss, viewing Gensler as a threat to innovation, others argue that Gensler’s academic return should not be politicized. Some alumni remember his insightful lectures before his SEC tenure, despite disappointment in his regulatory performance.
Amidst this controversy, Gemini is facing its own regulatory challenges. The company recently settled with the CFTC, agreeing to a $5 million fine, and has withdrawn from the Canadian market due to regulatory pressures. The ongoing debate over academia and regulation’s impact on the crypto industry remains uncertain.
