Gemini Crypto Exchange Bans Hiring MIT Graduates Over Gary Gensler’s Teaching Role

Gemini, a major cryptocurrency exchange, has announced it will no longer hire graduates from the Massachusetts Institute of Technology (MIT) unless the university removes former Securities and Exchange Commission (SEC) chair Gary Gensler from his teaching position.

Tyler Winklevoss, Gemini’s co-founder and CEO, made the announcement in a post on X (formerly Twitter) on January 30. He stated, “As long as MIT is associated with Gary Gensler, Gemini will not hire any graduates from this school.” Winklevoss also confirmed that the company would not offer internships to MIT students for its summer program.

The conflict between Gemini and the SEC dates back to at least March 2023, when Gemini paid a $21 million fine to settle SEC allegations. The SEC claimed that Gemini had sold unregistered securities through its Gemini Earn program, which was run in partnership with Genesis, a crypto firm that has since gone bankrupt.

Gary Gensler, who led the SEC until January 20, 2024, oversaw this enforcement action. He has since returned to MIT as a professor, where he teaches and conducts research on artificial intelligence in finance, financial technology, and regulatory policy. Gensler previously taught at MIT from 2018 to 2021 before joining the Biden administration as SEC chair.

During Gensler’s tenure, the SEC initiated a record number of enforcement actions against crypto companies. This has made him a controversial figure in the industry. Winklevoss’s stance has garnered support from some in the crypto community, including Bitcoin advocate Erik Voorhees, who said, “Every crypto company should boycott MIT grads until Gary is fired.”

The crypto industry has a history of boycotting individuals linked to the SEC. For example, Coinbase, another major crypto exchange, stopped working with the law firm Milbank after it hired former SEC official Gurbir Grewal in December 2023. Coinbase CEO Brian Armstrong urged other crypto companies to avoid working with law firms that hire former SEC staff who, in his view, tried to “unlawfully harm” the industry without providing clear regulations.

However, not everyone agrees with Gemini’s approach. Sergey Gorbunov of the Axelar Network argued that punishing students for the industry’s issues with Gensler is unfair and offered to hire MIT graduates himself. Preston Byrne, head of UK legal at Arkham, also criticized the move, stating, “Not hiring law firms that employ SEC enforcers is one thing. Not hiring MIT graduates seems like overkill.”

Jiasun Li, an associate professor at George Mason University and a blockchain advocate, suggested a more targeted approach: boycotting students who enroll in Gensler’s classes rather than all MIT graduates.

Winklevoss has been vocal about his opposition to Gensler, claiming that any organization hiring him is betraying the crypto industry. In a November 16 post on X, he said, “No amount of apology can undo the damage he has done to our industry and our country.”

The SEC is currently led by Mark Uyeda, who was one of three commissioners to vote in favor of approving spot Bitcoin exchange-traded funds (ETFs) in January 2024. Another supporter of the Bitcoin ETF was Hester Peirce, who now heads the SEC’s newly established crypto task force.

This ongoing tension highlights the deep divide between the crypto industry and regulators, with Gemini’s decision to boycott MIT graduates being the latest escalation in this conflict.