Crypto exchange Gemini has announced it will stop hiring graduates from the Massachusetts Institute of Technology (MIT) until the university removes former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler from his faculty position.
Tyler Winklevoss, co-founder and CEO of Gemini, made the decision public on social media, stating that his company would not recruit MIT graduates, including summer interns, as long as the institution retains Gensler. The move is part of a broader backlash within the crypto industry against Gensler, who returned to MIT as a professor after stepping down as SEC chair on Jan. 20.
Winklevoss has been a vocal critic of Gensler, previously asserting that the former regulator should not hold positions of influence due to his enforcement actions against crypto firms. In a post last year, he called on industry leaders to oppose any institution that employs or collaborates with Gensler, arguing that doing so enables government overreach.
Industry Reactions to the Hiring Boycott by Gemini
Gemini’s decision follows its legal battle with the SEC, which culminated in a $21 million settlement in March 2024. The agency had accused Gemini’s Earn program, operated in partnership with the now-insolvent Genesis, of offering unregistered securities. Gensler, who chaired the SEC from 2021 to 2024, was widely criticized within the crypto sector for aggressive enforcement actions.
Other industry figures have weighed in on the hiring ban. Venice founder Erik Voorhees backed Winklevoss, calling for a broader industry-wide boycott of MIT graduates until Gensler is removed. He claimed the university’s reputation has suffered due to Gensler’s presence.
However, some leaders believe the hiring freeze is excessive. Preston Byrne, head of UK legal at Arkham, said refusing to work with law firms employing SEC enforcers is reasonable, but blacklisting all MIT graduates goes too far. Instead, he suggested keeping opportunities open for MIT-trained lawyers interested in the crypto sector.
Sergey Gorbunov of Axelar Network also rejected the hiring ban, arguing that students should not be penalized for MIT’s decisions. George Mason University professor Jiasun Li proposed a targeted approach: refusing to hire students who take Gensler’s class rather than banning all MIT graduates. He suggested that if enrollment drops, MIT may reconsider his employment.