Gemini Refuses to Hire MIT Graduates Due to Gary Gensler’s Role

by

🤯 MIT Students: You’re Fired! 🤯

Gemini Refuses to Hire MIT Graduates Due to Gary Gensler’s Role

In a move that would make even the most jaded of galactic hitchhikers raise an eyebrow, Gemini, the crypto exchange company, has declared that it will no longer hire graduates from the Massachusetts Institute of Technology (MIT). The reason? 😱 They’re still employing former SEC Chair Gary Gensler! 😱

Gemini’s CEO, Tyler Winklevoss, took to X, the social media platform formerly known as Twitter, to express his displeasure with the situation. He stated, in essence, “Gensler is bad news, and anyone who associates with him is suspect.” This, according to him, is the only way to prevent the government from overreaching its authority and grabbing the galactic cryptocurrency for themselves. 🌌

Gemini’s $21 Million Settlement and Gensler’s Post-SEC Return to MIT

The dispute between the SEC and Gemini dates back to March 2024, when the exchange agreed to pay a cool $21 million to settle allegations that their Gemini Earn program (run by the now defunct Genesis) involved unregistered securities. During his tenure as SEC chair, Gensler was the subject of much scorn from the crypto community, facing accusations of being a crypto-hating, regulatory-obsessed, government overlord. 💀

On January 20, after a whirlwind tenure at the SEC, Gensler returned to MIT, like a prodigal son returning to the fold. He’s now focusing on artificial intelligence in finance, financial technology, and regulatory policy, which, for some, is like adding insult to injury. 🧂

Industry Reactions: Support for Boycott and Alternative Approaches

Venice founder Erik Voorhees, a man known for his outspoken nature, threw his weight behind Tyler’s boycott. He declared that all crypto companies should avoid hiring MIT graduates until Gensler is dismissed. Voorhees believes that Gensler’s presence has damaged the institution’s reputation, turning MIT into a crypto-villain’s lair. 🦹‍♀️

“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.”

However, some industry leaders found the decision a bit extreme. Arkham’s head of UK legal, Preston Byrne, considered the decision to avoid hiring MIT graduates “overkill.” While he agreed with the decision to avoid working with law firms that employ SEC enforcers, he believed that MIT graduates who were interested in crypto were innocent by association. 😇

“Not hiring law firms who employ SEC enforcers is one thing. Not hiring MIT graduates seems like overkill . If you’re an MIT grad with a law degree who wants to work at a crypto exchange, I will take your call anytime”

Sergey Gorbunov of Axelar Network, a man known for his sense of fairness, stated that he saw no reason to punish the students and would still consider hiring them. Jiasun Li, an associate professor at George Mason University, suggested a more nuanced approach. While expressing disappointment with MIT and MIT Sloan, he preferred not to penalize MIT students. He suggested a more effective approach would be to avoid hiring students who enroll in Gensler’s class, with clear communication of this stance. The reasoning is that if no one takes his class, MIT may be forced to dismiss him.

Mark Uyeda now leads the SEC and was one of three commissioners who approved spot Bitcoin exchange-traded funds in January 2024. Perhaps he’ll offer a more “crypto-friendly” approach to the industry, but until then, the fate of MIT graduates hangs in the balance. 🤔

Read More

2025-01-30 14:35