Gemini, a cryptocurrency exchange, has announced a hiring block for MIT grads following the university’s decision to rehire former SEC Chair Gary Gensler. Gemini co-founder and CEO Tyler Winklevoss announced the change, which impacts all employment, including the company’s summer internship program.
“As long as MIT is associated with Gary Gensler, Gemini will not hire any graduates from this school,” Winklevoss wrote in a social media post, highlighting the exchange’s opposition to what he perceives as anti-crypto regulatory efforts led by Gensler during his term at the SEC.
Gemini has been in legal disputes with the SEC since early 2023, when the agency accused it and Genesis of marketing unregistered securities through the Gemini Earn program. Genesis eventually settled the case and agreed to pay $21 million in fines. Many in the cryptocurrency business criticize Gensler for what they see as unjust regulatory crackdowns.
Gensler, who taught at MIT from 2018 to 2021, returned to the university after stepping down as SEC Chairman. His current academic interests include artificial intelligence in finance, financial technology, and regulatory policy.
The boycott has elicited diverse reactions from the cryptocurrency community. Supporters, like Bitcoin supporter Erik Voorhees, have urged other cryptocurrency companies to follow suit, calling for a coordinated stand against institutions that back personalities perceived to be anti-digital assets.
Others say the decision is excessive. Sergey Gorbunov of the Axelar Network expressed his opposition to penalizing students for MIT’s hiring decisions. Similarly, legal expert Preston Byrne said that while boycotting law firms that employ SEC regulators is acceptable, refusing to recruit graduates from a whole university is excessive.
Some have proposed a more focused strategy, such as boycotting those students who take Gensler courses rather than all MIT graduates. Despite the controversy, Winklevoss maintains his stance, claiming that any institution or corporation that supports Gensler is harming the cryptocurrency industry.
Meanwhile, the SEC, now led by Mark Uyeda, has adopted a more measured approach to cryptocurrency regulation. Uyeda was one of three commissioners that approved spot Bitcoin ETFs in early 2024, which was viewed as a positive development for the market. Commissioner Hester Peirce, another proponent of clearer cryptocurrency regulations, now chairs the agency’s new crypto task group.
While the controversy over MIT’s decision continues, Gemini’s employment strategy reflects the continued difficulties between the crypto sector and regulatory agencies.
