Gemini Refuses to Hire MIT Graduates Unless University Drops Gary Gensler

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Crypto exchange Gemini has taken a strong stance against the Massachusetts Institute of Technology (MIT), refusing to hire any of its graduates as long as former Securities and Exchange Commission (SEC) chair Gary Gensler remains affiliated with the university.

“As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school,” Gemini co-founder and CEO Tyler Winklevoss stated in a Jan. 30 post on X.

Gensler spearheaded the regulatory action before stepping down on Jan. 20, when former President Donald Trump was re-inaugurated.

The conflict between Gemini and the SEC dates back to at least March 2023, when Gemini settled with the SEC by paying $21 million in fines over allegations that it sold unregistered securities through its Gemini Earn program.

Gemini Settled SEC Case for $21 Million

Coinbase CEO Brian Armstrong stated that his firm would avoid working with law firms that hire individuals who tried to “unlawfully kill” the crypto industry while failing to establish clear regulations. Arkham’s head of UK legal, Preston Byrne, also called the decision excessive, arguing that while boycotting law firms that employ SEC enforcers is reasonable, blacklisting an entire institution’s graduates is too extreme.

Winklevoss’ decision gained support from notable crypto advocates, including Bitcoin proponent Erik Voorhees, who urged crypto firms to boycott MIT graduates until Gensler is removed.

In a Nov. 16 post on X, he stated that no amount of apology could undo the damage Gensler inflicted on both cryptocurrency and the United States.

Winklevoss has remained vocal in his criticism of Gensler, arguing that any organization hiring him is betraying the crypto industry.

Winklevoss: Gensler’s Actions Are Unforgivable

Hester Peirce, another commissioner who voted in favor, has since taken the lead in the SEC’s newly established crypto task force unit.

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