"Gemini Bans MIT Grads Over Gensler Ties, Sparking Crypto Debate"

Gemini, a prominent cryptocurrency exchange co-founded by Tyler Winklevoss, has announced a hiring ban on graduates from the Massachusetts Institute of Technology (MIT) due to the university's association with former Securities and Exchange Commission (SEC) chair Gary Gensler. This decision has sparked a debate within the crypto community, with some supporting Gemini's stance while others argue against punishing students for their institution's choices.

Tyler Winklevoss, Gemini's CEO, stated on January 30 that the exchange would not hire any MIT graduates as long as the university maintains an association with Gensler. This move is a direct response to the SEC's enforcement action against Gemini in March 2023, which resulted in a $21 million fine for allegedly selling unregistered securities through its Gemini Earn program with the now-bankrupt crypto firm Genesis. Gensler, who served as the SEC's chair until January 20, 2024, orchestrated the enforcement action.

Gensler has since returned to MIT as a professor, teaching and researching artificial intelligence in finance, financial technology, and regulatory policy. Under his leadership, the SEC launched a record number of crypto-related enforcement actions, which has drawn criticism from the crypto industry. Winklevoss' comments 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 individuals or institutions associated with the SEC. In December 2023, Coinbase stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal. Coinbase's CEO, Brian Armstrong, urged other crypto companies to follow suit, arguing that law firms that hire people who tried to "unlawfully kill" the industry should be avoided.

However, not everyone in the crypto community agrees with Gemini's decision. Some industry leaders, such as Sergey Gorbunov from the Axelar Network, have argued against punishing students for the actions of their professors. Preston Byrne, the head of UK legal at Arkham, agreed, stating that not hiring law firms that 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: boycotting any student who enrolls