The present invention discloses a process for hydrogenating a latex of a low molecular weight functionalized, unsaturated elastomer to produce a latex of a hydrogenated, low molecular weight, low gel, functionalized elastomer, said process comprising hydrogenating the low molecular weight, functionalized, unsaturated elastomer in the presence of (1) an oxidant selected from the group consisting of oxygen and hydroperoxides, (2) a reducing agent selected from the group consisting of hydrazine and hydrazine hydrates, and (3) a metal ion activator, wherein a hydroxylamine is added to the latex of the low molecular weight, functionalized, unsaturated elastomer or to the latex of the hydrogenated, low molecular weight, functionalized elastomer prior, during, or subsequent to the hydrogenation to produce the latex of the hydrogenated low molecular weight, low gel, functionalized elastomer. This process can be used to make low molecular weight, hydrogenated, nitrile rubber latex which is comprised of water, an emulsifier, and the low molecular weight, hydrogenated, nitrile rubber, wherein the low molecular weight, hydrogenated, nitrile rubber has a molecular weight which is within the range of 500 to 20,000, wherein the low molecular weight, hydrogenated, nitrile rubber has a gel content of less than 10%, and wherein the low molecular weight, hydrogenated, nitrile rubber has a saturation level of at least about 80%.