Gemini Refuses to Hire MIT Graduates Unless University Drops Gary Gensler
Crypto exchange Gemini has taken a strong stance against the Massachusetts Institute of Technology (MIT), refusing to hire any of its graduates as long as former Securities and Exchange Commission (SEC) chair Gary Gensler remains affiliated with the university.
“As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school,” Gemini co-founder and CEO Tyler Winklevoss stated in a Jan. 30 post on X.
He also confirmed that the exchange would exclude MIT students from its summer internship program.
Gemini Settled SEC Case for $21 Million
The conflict between Gemini and the SEC dates back to at least March 2023, when Gemini settled with the SEC by paying $21 million in fines over allegations that it sold unregistered securities through its Gemini Earn program.
The now-bankrupt Genesis, which partnered with Gemini on the program, was also implicated.
Gensler spearheaded the regulatory action before stepping down on Jan. 20, when former President Donald Trump was re-inaugurated.
Following his exit from the SEC, Gensler returned to MIT to teach and research artificial intelligence in finance, financial technology, and regulatory policy.
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. https://t.co/fi0WMIVCLp
— Tyler Winklevoss (@tyler) January 30, 2025
Winklevoss’ decision gained support from notable crypto advocates, including Bitcoin proponent Erik Voorhees, who urged crypto firms to boycott MIT graduates until Gensler is removed.
This is not the first time the crypto industry has taken a stand against SEC-affiliated professionals.
In December 2023, Coinbase cut ties with the law firm Milbank after it hired former SEC official Gurbir Grewal.
Coinbase CEO Brian Armstrong stated that his firm would avoid working with law firms that hire individuals who tried to “unlawfully kill” the crypto industry while failing to establish clear regulations.
He also encouraged other companies to adopt a similar approach.
However, not everyone in the industry agrees with Gemini’s blanket policy against MIT graduates.
Axelar Network co-founder Sergey Gorbunov criticized the move, saying there was “no reason to punish students” for the actions of one professor and even offered to hire MIT graduates himself.
Arkham’s head of UK legal, Preston Byrne, also called the decision excessive, arguing that while boycotting law firms that employ SEC enforcers is reasonable, blacklisting an entire institution’s graduates is too extreme.
I actually think a university is a perfectly fine place for Gensler to land. Was he bad for our industry? Yes. Will he be able to teach students a hell of a lot about how government works? Also yes
— Preston Byrne (@prestonjbyrne) January 30, 2025
Others, such as George Mason University associate professor Jiasun Li, suggested a more targeted approach, proposing that the boycott focus solely on students who enroll in Gensler’s classes rather than all MIT graduates.
Winklevoss: Gensler’s Actions Are Unforgivable
Winklevoss has remained vocal in his criticism of Gensler, arguing that any organization hiring him is betraying the crypto industry.
In a Nov. 16 post on X, he stated that no amount of apology could undo the damage Gensler inflicted on both cryptocurrency and the United States.
Following Gensler’s departure, the SEC is now led by Mark Uyeda, who was among the three commissioners who voted in favor of spot Bitcoin exchange-traded funds (ETFs) in January 2024.
Hester Peirce, another commissioner who voted in favor, has since taken the lead in the SEC’s newly established crypto task force unit.
Source: cryptonews.com
