Gemini Won’t Hire MIT Graduates Unless University Ends Gary Gensler’s Professor Role

Highlights:

• Gemini announced it will not hire MIT graduates until the university severs ties with Gensler. 
• Gensler led the SEC’s actions against Gemini, resulting in a $21 million settlement.
• Reactions to Gemini’s MIT graduate ban are divided, with both support and opposition.

Crypto exchange Gemini co-founder and CEO Tyler Winklevoss stated in a Jan. 30 post on X that the company will not hire Massachusetts Institute of Technology (MIT) graduates until the university removes former Securities and Exchange Commission (SEC) chair Gary Gensler from its teaching staff. He also stated that the crypto exchange will not recruit interns for its summer program.

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As long as @MIT has any association with Gary Gensler, @Gemini will not hire any graduates from this school. Not even interns for our summer intern program. https://t.co/fi0WMIVCLp

— Tyler Winklevoss (@tyler) January 30, 2025

Gemini’s Dispute with the SEC and Gensler’s Return to MIT

The dispute between Gemini and the SEC goes back to March 2023, when Gemini paid a $21 million fine to settle allegations of selling unregistered securities through its Gemini Earn program. Genesis, the now-bankrupt firm that partnered with Gemini on the program, was also involved. Gensler led the regulatory action before resigning on Jan. 20, coinciding with former President Donald Trump’s re-inauguration.

Gensler taught at MIT from 2018 to 2021 before being appointed by the Biden administration to lead the SEC. On Jan. 29, MIT revealed that former SEC Chairman Gary Gensler would return to its Sloan School of Management as a Professor of the Practice in both the Global Economics and Management Group and the Finance Group. He will teach courses on artificial intelligence, finance, financial technology, and public policy.

An official announcement reveals that the former SEC head will co-direct MIT’s FinTech AI @CSAIL initiative. This program collaborates with private sector companies to explore AI technology.

Many in the crypto industry have criticized Gensler for his harsh stance on crypto, accusing him of being antagonistic. Under his leadership, the SEC has faced claims of waging a war on the industry by asserting that all tokens qualify as securities.

This isn’t the first time the crypto industry has opposed SEC-linked professionals. In December 2023, Coinbase ended its partnership with the law firm Milbank after it hired former SEC official Gurbir Grewal. Last month, Coinbase CEO Brian Armstrong said his firm would avoid law firms that work with people who tried to harm the crypto industry without clear rules. He urged other companies to do the same.

Mixed Reactions to Gemini’s MIT Graduate Ban

Winklevoss’ remarks were backed by Bitcoin advocate Erik Voorhees, who stated, “Every crypto company should boycott MIT grads until Gary is fired.”

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

However, Sergey Gorbunov from Axelar Network disagreed, stating there was no reason to punish students for the crypto industry’s issues with Gensler. He even offered to hire MIT graduates. Similarly, Preston Byrne, Arkham’s head of UK legal, agreed, adding that while avoiding law firms that employ SEC enforcers makes sense, not hiring MIT graduates seemed excessive.

I actually think a university is a perfectly fine place for Gensler to land. Was he bad for our industry? Yes. Will he be able to teach students a hell of a lot about how government works? Also yes

— Preston Byrne (@prestonjbyrne) January 30, 2025

UniSwap executive and MIT graduate Devin Walsh expressed feeling “incredibly embarrassed and disappointed” by Gensler’s rehire. She stated that joining the program would be “a waste of time, tuition funds, and energy” for students hoping to learn about new technologies in finance.

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