Gemini, one of the leading crypto exchanges in the United States, has made a bold decision to halt the hiring of Massachusetts Institute of Technology (MIT) graduates and interns. This move comes in response to MIT’s recent affiliation with former US Securities and Exchange Commission (SEC) Chair Gary Gensler.
Tyler Winklevoss, co-founder of Gemini, took to social media to announce the exchange’s stance on the matter. In a post on X, Winklevoss stated that Gemini will not consider candidates from MIT as long as the institution maintains ties with Gensler.
Winklevoss’s brother and co-founder of Gemini, Cameron Winklevoss, also expressed his disapproval of MIT’s decision to welcome Gensler back. He criticized the university for bringing on someone he referred to as an expert in failed public policies.
MIT recently appointed Gensler as a Professor of Practice at its Sloan School of Management, where he will focus on artificial intelligence, finance, fintech, and public policy. Additionally, Gensler will co-lead the FinTechAI@CSAIL initiative at the university’s Computer Science and Artificial Intelligence Laboratory.
The return of Gensler to MIT has sparked controversy in the crypto industry due to his history of imposing strict regulatory measures on the sector during his time at the SEC. Critics argue that his approach stifled innovation, making his rehiring at MIT a contentious move.
Gemini’s decision to stop hiring MIT graduates and interns aligns with the growing discontent in the crypto space over Gensler’s return to academia. Paradigm co-founder Matt Huang has encouraged MIT-affiliated crypto professionals to take action, hinting at potential further steps against the university.
Caitlin Long, CEO of Custodia Bank, raised concerns about whether this marks the beginning of a broader industry shift. She questioned whether firms will distance themselves from universities that welcome former regulators accused of impeding lawful innovation.
The crypto industry’s response to Gensler’s return to MIT signals a potential shift in how companies interact with academic institutions. As the debate continues, it remains to be seen how other players in the industry will react to similar situations in the future.