Gemini Declines to Hire MIT Graduates Until Institution Dismisses Gary Gensler

Crypto exchange Gemini has adopted a strong position against the Massachusetts Institute of Technology (MIT), declaring it will not employ any of its graduates as long as former Securities and Exchange Commission (SEC) chair Gary Gensler is associated with the institution.

“As long as MIT maintains any connection with Gary Gensler, Gemini will not hire any graduates from this institution,” stated Gemini co-founder and CEO Tyler Winklevoss in a post on X dated January 30.

He also confirmed that the exchange would not include MIT students in 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 resolved its issues with the SEC by paying $21 million in penalties over claims that it offered unregistered securities through its Gemini Earn program.

The now-insolvent Genesis, which collaborated with Gemini on this initiative, was also involved.

Gensler led the regulatory action before resigning on January 20, coinciding with the re-inauguration of former President Donald Trump.

After leaving the SEC, Gensler returned to MIT to teach and conduct research on artificial intelligence in finance, financial technology, and regulatory policy.

As long as @MIT has any affiliation with Gary Gensler, @Gemini will not hire any graduates from this institution. Not even interns for our summer intern program. https://t.co/fi0WMIVCLp

— Tyler Winklevoss (@tyler) January 30, 2025

Winklevoss’ decision received backing from prominent crypto supporters, including Bitcoin advocate Erik Voorhees, who encouraged crypto firms to refrain from hiring MIT graduates until Gensler is removed.

This is not the first instance of the crypto industry opposing SEC-affiliated individuals.

In December 2023, Coinbase severed ties with the law firm Milbank after it hired former SEC official Gurbir Grewal.

Coinbase CEO Brian Armstrong stated that his company would avoid collaborating with law firms that employ individuals who attempted to “unlawfully undermine” the crypto sector while failing to establish clear regulations.

He also urged other companies to adopt a similar stance.

However, not everyone in the industry agrees with Gemini’s blanket ban on MIT graduates.

Axelar Network co-founder Sergey Gorbunov criticized the action, asserting there was “no reason to penalize students” for the actions of one professor and even offered to hire MIT graduates himself.

Arkham’s head of UK legal, Preston Byrne, also deemed the decision excessive, arguing that while boycotting law firms that employ SEC enforcers is reasonable, blacklisting all graduates of an entire institution is too extreme.

I genuinely believe a university is a perfectly acceptable place for Gensler to land. Was he detrimental to our industry? Yes. Will he be able to teach students a great deal about how government operates? 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 courses rather than all MIT graduates.

Winklevoss: Gensler’s Actions Are Unforgivable

Winklevoss has consistently expressed his disapproval of Gensler, contending that any organization hiring him is betraying the crypto industry.

In a November 16 post on X, he remarked that no amount of apology could reverse the damage Gensler caused to both cryptocurrency and the United States.

Following Gensler’s exit, the SEC is now headed by Mark Uyeda, who was among the three commissioners that voted in favor of spot Bitcoin exchange-traded funds (ETFs) in January 2024.

Hester Peirce, another commissioner who supported the vote, has since taken the lead in the SEC’s newly formed crypto task force unit.

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