- Gemini halts recruitment of MIT grads until the university severs ties with Gensler, citing his impact on the crypto industry.
- Industry divided over Gemini’s decision, with some arguing it unfairly punishes students not responsible for Gensler’s actions.
Tyler Winklevoss, CEO of the Gemini crypto exchange, announced on their X account that the company would no longer recruit Massachusetts Institute of Technology (MIT) graduates. This decision will remain in effect until the university breaks ties with Gary Gensler, the former SEC chair who now serves as an MIT professor.
The conflict between Gemini and the SEC began in March 2023, when the exchange settled with the regulatory body for $21 million. The SEC accused Gemini’s Earn program, partnered with the now-bankrupt Genesis, of offering unregistered securities.
This settlement was one of many crypto-related regulatory actions Gensler’s SEC took during his tenure. The SEC’s harsh stance towards the crypto industry under Gensler’s leadership has drawn opposition from industry figures who argue that such regulatory measures hinder innovation and growth.
Gary Gensler’s return to MIT as a professor after leaving the SEC has intensified his rivalry with crypto advocates. Winklevoss, who has been outspoken in his criticism of Gensler, is now directing his anger at MIT, calling on the university to end its association with the former SEC chair.
According to Winklevoss, Gensler’s regulatory actions have had a major impact on the crypto industry, affecting businesses, jobs, and individual livelihoods. He believes that Gensler’s time at the SEC was not a series of honest mistakes but a planned effort to pursue a personal political agenda at the expense of the industry.
Gemini’s Rejection of MIT Graduates
In response to Gensler’s continued presence at MIT, Winklevoss declared that Gemini would no longer participate in MIT’s summer internship program and would not hire university graduates.
Winklevoss’s stance aligns with the views of other prominent figures in the crypto market, including Bitcoin advocate Erik Voorhees, who has joined calls for a full rejection of MIT graduates until Gensler is removed from his academic role.
Voorhees and Winklevoss argue that such a withdrawal is necessary to ensure that the crypto industry is not further harmed by individuals with ties to Gensler, who they believe used his position at the SEC to damage the sector.
Every crypto company should boycott MIT grads until Gary is fired. What a way to ruin the reputation of such an illustrious institution!
We can use peace and our own market discretion where Gary used coercion and extortion. https://t.co/xAJy0stCW2
— Erik Voorhees (@ErikVoorhees) January 30, 2025
Mixed Reactions from Industry Professionals
Despite Gemini’s stance, not all industry professionals agree with the decision. Several have raised concerns that this move could unjustly affect students who are not accountable for their professors’ actions.
Sergey Gorbunov, a representative from Axelar Network, spoke out against the idea of blacklisting MIT graduates, stating that students should not bear the consequences of the actions of individuals like Gensler. Gorbunov noted that his company would still be open to hiring graduates from MIT regardless of Gensler’s association with the institution.
Similarly, Preston Byrne, head of UK legal at Arkham, criticized the general nature of the boycott. While he acknowledged the importance of holding law firms accountable for hiring SEC enforcers, he believed that extending this approach to MIT graduates was “overkill.” According to Byrne, the focus should be on addressing those directly involved in the regulatory actions rather than punishing students.
However, the debate has also raised frustration among MIT alumni. Devin Walsh, an MIT graduate and crypto enthusiast, expressed his frustration with the university’s decision to retain Gensler as a professor.
Walsh, who became interested in cryptocurrency through MIT’s Digital Currency Initiative, referred to Gensler’s return as a “waste of time, tuition funds, and energy.” He added that Gensler’s continued involvement at MIT feels like a setback for students who desire to be part of an innovative and forward-thinking academic environment.
