Gemini CEO Vows Not to Hire MIT Graduates Over Gensler's Return to Teaching Role

Gemini, the prominent cryptocurrency exchange, is taking a hard stance against the Massachusetts Institute of Technology (MIT) over the university's decision to rehire Gary Gensler, the former chairman of the U.S. Securities and Exchange Commission (SEC). In a bold move, Gemini co-founder and CEO Tyler Winklevoss announced that the company would not hire MIT graduates, nor accept interns from the university, unless Gensler is removed from his teaching role.
In a post on X (formerly Twitter) on January 30, Winklevoss expressed his firm position: “As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school.” He further stated that the crypto exchange would also refrain from offering internships to MIT students, signaling the depth of the company's discontent with the former SEC chair’s influence.
The Root of the Dispute: SEC and Gemini's Legal Battle
The friction between Gemini and Gensler dates back to a legal dispute involving the SEC’s enforcement of securities laws in the crypto industry. In March 2024, Gemini paid a $21 million settlement after the SEC accused the exchange of selling unregistered securities through its now-defunct Gemini Earn program in partnership with the bankrupt crypto firm Genesis. Gensler, who led the SEC at the time, was instrumental in overseeing these regulatory actions, further intensifying tensions between him and the cryptocurrency community.
Following his tenure at the SEC, Gensler returned to MIT, where he had previously taught between 2018 and 2021. Now, he is resuming his role as a professor specializing in areas such as artificial intelligence in finance, financial technology, and regulatory policy. His return to the prestigious university is seen as a provocative move by some in the crypto industry, particularly given Gensler’s aggressive stance on crypto regulation during his time at the SEC.
Industry Reactions: Support and Criticism
Winklevoss’ announcement received a mix of support and criticism from the broader crypto community. Bitcoin advocate Erik Voorhees voiced his backing, suggesting that all crypto companies should follow Gemini’s lead in boycotting MIT graduates until Gensler is removed from the university. “Every crypto company should boycott MIT grads until Gary is fired,” Voorhees remarked, highlighting the deep frustration within the sector.
This isn’t the first time the crypto industry has taken action against SEC figures. In December 2024, Coinbase CEO Brian Armstrong revealed that his company would no longer work with law firms that hired former SEC officials like Gurbir Grewal, who had been involved in enforcement actions against the industry. Armstrong called on other crypto firms to take similar steps to protect the industry from what he described as unlawful regulatory overreach.
However, not all voices in the industry agree with Winklevoss' approach. Some, like Sergey Gorbunov of the Axelar Network, argued that it would be unfair to punish students for the actions of their professors. "I don’t see a reason to punish students," Gorbunov said, offering to hire MIT graduates despite the ongoing tensions. Similarly, Preston Byrne, head of UK legal at Arkham, called the decision to boycott MIT graduates "overkill," suggesting that targeting law firms that hire SEC enforcers is one thing, but extending that to students was excessive.
Jiasun Li, a blockchain advocate and associate professor at George Mason University, proposed an alternative strategy: instead of rejecting all MIT graduates, the crypto community could consider boycotting students who specifically enroll in Gensler’s courses.
Winklevoss’ Strong Critique of Gensler’s Legacy
The conflict between Winklevoss and Gensler has been simmering for months, with the Gemini CEO offering a scathing critique of Gensler’s impact on the crypto industry. In a November 2024 post, Winklevoss stated that any company or institution that hires Gensler would be betraying the crypto sector. “No amount of apology can undo the damage he has done to our industry and our country,” he wrote, underscoring the severity of the fallout from Gensler’s regulatory actions.
Looking Ahead: The SEC’s New Leadership
As of January 2024, the SEC is now headed by Mark Uyeda, who was one of the three commissioners to approve the launch of spot Bitcoin exchange-traded funds (ETFs). This shift in leadership offers a potential change in the SEC's stance on cryptocurrency, with some seeing Uyeda as more open to the crypto sector compared to his predecessor.
Hester Peirce, another SEC commissioner, has been vocal in her support for the crypto industry. She was one of the commissioners who voted in favor of the Bitcoin ETFs, and she is now leading a newly established crypto task force within the SEC, which may indicate a more nuanced approach to regulation in the future.
Conclusion: The Ongoing Tensions Between Crypto and Traditional Finance
Gemini’s decision to boycott MIT graduates is just the latest chapter in the ongoing tension between the cryptocurrency industry and traditional regulatory bodies. While some in the industry support the move, others argue that it is too extreme and unfair to students who may not share the same views as Gensler. As the crypto landscape continues to evolve, it remains to be seen how these disputes will shape the future of both the industry and its relationship with academic and regulatory institutions.
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