Gemini Bans MIT Hires Over Gensler Ties

Gemini, a prominent cryptocurrency exchange co-founded by Tyler Winklevoss, has sparked a debate within the crypto community by announcing a hiring ban on graduates from the Massachusetts Institute of Technology (MIT). The reason behind this decision is MIT's association with Gary Gensler, the former Chair of the U.S. Securities and Exchange Commission (SEC), who is now teaching at the university.

Winklevoss, in a social media post, stated that as long as MIT maintains any association with Gensler, Gemini will not hire any graduates from the institution. This includes the crypto exchange's summer internship program. The feud between Gemini and the SEC dates back to at least 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's 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 tech, and regulatory policy. Under Gensler's leadership, the SEC launched a record number of crypto-related enforcement actions.

Winklevoss' comments received support from Bitcoin advocate Erik Voorhees, who suggested that every crypto company should boycott MIT graduates until Gensler is fired. However, others in the crypto industry, such as the Axelar Network's Sergey Gorbunov and Arkham's head of UK legal, Preston Byrne, argued against punishing students for the industry's beef with Gensler.

Blockchain advocate Jiasun Li proposed an alternative strategy, suggesting that companies could boycott any student who enrolls in Gensler's class instead. Winklevoss has previously stated that any company or university that hires Gensler would be betraying the crypto industry.

The SEC is currently headed by Mark Uyeda, one of three SEC commissioners who voted in favor of spot Bitcoin (BTC) exchange-traded funds in January 2024. One of the other commissioners who voted in favor of the spot Bitcoin ETF is Hester Peirce, who is now leading the SEC's newly established Office of the Advocate for Small Business Capital Formation.