Gemini Bans MIT Grads Over Gensler Ties

Gemini Co-founder Tyler Winklevoss has announced that the crypto exchange will not be hiring any graduates from the Massachusetts Institute of Technology (MIT) due to the institution's affiliation with former Securities and Exchange Commission (SEC) chair Gary Gensler. Winklevoss made the announcement on his social media platform, stating that as long as MIT maintains any association with Gensler, Gemini will not hire any graduates from the school, including those participating in the summer internship program.

Gemini's decision to boycott MIT graduates stems from the crypto exchange's ongoing feud with the SEC, which began in March 2023 when Gemini paid a $21 million fine to settle claims that it sold unregistered securities through its Gemini Earn program with the now-bankrupt crypto firm Genesis. The enforcement action was orchestrated by Gensler, who served as the SEC chair until January 20, 2024, when President Donald Trump was inaugurated.

Gensler has since returned to MIT as a professor, teaching and researching artificial intelligence in finance, financial technology, and regulatory policy. Under Gensler's leadership, the SEC launched a record number of crypto-related enforcement actions, which has drawn criticism from the crypto industry. Winklevoss' comments have received support from Bitcoin advocate Erik Voorhees, who suggested that every crypto company should boycott MIT graduates until Gensler is fired.

This is not the first time the crypto industry has considered boycotting SEC staff. In December 2023, Coinbase stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal. Coinbase CEO Brian Armstrong urged other crypto companies to follow suit, stating that his firm would avoid working with law firms that hire people who tried to "unlawfully kill" the industry while failing to clarify the rules.

However, not all industry leaders agree with Winklevoss' stance. Some, like Axelar Network's Sergey Gorbunov, have argued against punishing students for the actions of their professors. Preston Byrne, head of UK legal at Arkham, agreed, stating that not hiring law firms who employ SEC enforcers is one thing, but not hiring MIT graduates seems like overkill.

Blockchain advocate Jiasun Li, an associate professor at George Mason University, suggested a more targeted approach, such as boycotting any student who enrolls in Gensler's class.