Gemini Boycotts MIT over Gensler
Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has announced a hiring freeze for MIT graduates and interns. This decision, publicly declared by Tyler Winklevoss, is a direct response to former SEC Chair Gary Gensler's return to MIT as a professor.
Gemini's Strong Stance Against Gensler
The Winklevoss twins, known for their pro-crypto advocacy, view Gensler's return to MIT as unacceptable given his tenure at the SEC, which they believe was marked by aggressive and unfair regulation of the crypto industry. Tyler Winklevoss explicitly stated on X (formerly Twitter): "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 echoed these sentiments, and other industry figures have voiced support. Erik Voorhees, founder of Venice.ai, called for a broader boycott of MIT graduates until Gensler’s departure. This action underscores the deep-seated frustration within the crypto community regarding regulatory actions under Gensler's leadership.
Ripple Effects Across the Crypto Industry
The controversy extends beyond the Winklevoss twins. Caitlin Long, CEO of Custodia Bank, questioned whether MIT alumni are pushing back against Gensler's return, hinting at a growing sentiment within the industry to hold educational institutions accountable for their ties to figures perceived as hostile to crypto. Matt Huang, co-founder of Paradigm, even reached out to MIT alumni in crypto to connect, showcasing the widespread nature of this reaction.
While some support Gemini's position, others defend Gensler's academic credentials and contributions to MIT. This highlights a broader division within the industry regarding Gensler's impact and the appropriate response.
Gemini's Regulatory Challenges
This bold move by Gemini comes as the exchange faces its own regulatory hurdles. Gemini recently settled with the CFTC, paying a $5 million fine. While the company neither admitted nor denied wrongdoing, this settlement further underscores the regulatory complexities faced by crypto companies. Their recent withdrawal from the Canadian market, citing regulatory pressure, adds another layer to this challenge.
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The ongoing debate surrounding Gensler's return to MIT and Gemini's response highlights the crucial intersection of academia, regulation, and the cryptocurrency industry. The long-term implications for both the industry and the educational institution remain to be seen.