Crypto Giant Gemini Blacklists MIT Grads as Gary Gensler Returns
Gemini CEO Tyler Winklevoss said that the cryptocurrency exchange will not hire graduates from the Massachusetts Institute of Technology (MIT) unless the university severs ties with former US Securities and Exchange Commission (SEC) Chair Gary Gensler.
This bold decision has divided business leaders and industry leaders as some appreciate the initiative and others label it as ‘overkill.’
Why is Gemini Boycotting MIT?
On January 30, Winklevoss took to X (previously Twitter) to announce his company’s employment restriction for MIT grads as long as Gensler is linked with the university. This action also refers to dismissing MIT interns from the summer internship program of the company.
The issues between Gemini and the SEC stretch back at least to March 2023, when the exchange agreed to pay $21 million in fines over charges that its Gemini Earn program, which was executed in collaboration with the now-bankrupt Genesis, constituted the selling of unregistered securities. Gensler, the current SEC’s chairman, spearheaded the enforcement action.
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After leaving the SEC on January 20 after the inauguration of President Donald Trump, Gensler rejoined to continue teaching and researching artificial intelligence in finance, fintech, and regulatory policy. Previously, he taught at MIT from 2018 to 2021 before being appointed to the SEC under the Biden administration.
Crypto Community Gives a Mixed Response
The cryptocurrency community has had a varied reaction to Gemini’s boycott. Some industry leaders, like Bitcoin supporter Erik Voorhees, backed Winklevoss’ decision, encouraging all cryptocurrency companies to follow suit.
Though everyone can have their views that’s why some people disagreed with the suit. Sergey Gorbunov, co-founder of the blockchain project Axelar Network, argued that punishing students for their university’s hiring practices isn’t necessary. Instead, he offered to hire MIT graduates directly.
Preston Byrne, Arkham’s head of UK legal, agreed and said that blacklisting law firms that hire SEC enforcers was understandable, but applying the same rationale to MIT graduates went too far.
Meanwhile, Jiasun Li, an associate professor at George Mason University, offered a more focused solution that says we should only boycott students who chose to take Gensler courses.
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Winklevoss’s critique of Gensler is direct and clear. In a November 16 post on X, he stated that any institution that hired the former SEC chair was compromising the crypto sector.
“No amount of apology can undo the damage he has done to our industry and our country”, Winklevoss wrote in an email.
As the new administration reshapes the financial sector, the SEC is now led by Mark Uyeda, one of three commissioners who voted to approve spot Bitcoin ETFs in January 2024.
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The decision by Gemini to blacklist MIT graduates raises bigger questions about the crypto industry’s response to regulatory scrutiny. Though companies like Coinbase have already raised their voices against law firms recruiting former SEC officials, attacking a specific university’s alumni creates a new precedent. Will more cryptocurrency firms follow the footsteps of Gemini, or will the reaction cause the exchange to rethink?
