Gemini halts MIT hires over Gensler’s teaching role

Published 30/01/2025, 12:46
Gemini halts MIT hires over Gensler’s teaching role

Cryptocurrency exchange Gemini declared it will not hire graduates from the Massachusetts Institute of Technology (MIT) as long as the university maintains its association with Gary Gensler, a former chair of the Securities and Exchange Commission (SEC). Tyler Winklevoss, co-founder and CEO of Gemini, announced the hiring freeze in a statement, which extends to the exchange’s summer internship program as well.

The decision comes amid Gemini’s ongoing dispute with the SEC, which dates back to at least March when the exchange agreed to pay $21 million in fines to settle SEC allegations of selling unregistered securities through its Gemini Earn program in partnership with the now-defunct crypto firm Genesis. Gensler, who orchestrated the enforcement action during his tenure at the SEC, has since returned to MIT as a professor, focusing on artificial intelligence in finance, financial technology, and regulatory policy.

Winklevoss’s stance has garnered support from Bitcoin advocate Erik Voorhees, who suggested that all crypto companies should boycott MIT graduates until Gensler is removed from his position. This sentiment echoes past industry actions, such as Coinbase (NASDAQ:COIN)’s decision to cease working with law firms that employ former SEC officials, a move announced by CEO Brian Armstrong in December after Milbank hired ex-SEC official Gurbir Grewal.

However, not all industry figures agree with the boycott approach. Sergey Gorbunov of Axelar Network expressed his willingness to hire MIT graduates, differentiating between industry grievances with regulatory figures and penalizing students. Preston Byrne, head of UK legal at Arkham, also viewed the decision to not hire MIT graduates as excessive, contrasting it with the practice of avoiding law firms with SEC ties.

Some, like blockchain advocate Jiasun Li, an associate professor at George Mason University, suggested that a more targeted boycott of students enrolled in Gensler’s classes might have been a more appropriate strategy.

The SEC, currently led by Mark Uyeda, has recently shown signs of warming to the crypto industry, with Uyeda being one of three commissioners who voted in favor of spot Bitcoin exchange-traded funds in January 2024. Hester Peirce, another commissioner who supported the Bitcoin ETF, is now heading the commission’s newly established crypto task force unit.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.