Crypto exchange Gemini has announced it will not hire graduates from the Massachusetts Institute of Technology (MIT) as long as former Securities and Exchange Commission (SEC) chair Gary Gensler remains a professor there.
Gemini put a ban on hiring MIT grads unless the university dropped ex-SEC chair Gensler. Source: XGemini’s CEO, Tyler Winklevoss, made the announcement on Jan. 30 via X. He stated that the exchange would not hire MIT graduates or interns because of the university’s association with Gensler.
Background of the Dispute
Gemini has had conflicts with the SEC under Gary Gensler’s leadership. In March, the exchange agreed to pay $21 million to settle SEC claims that it sold unregistered securities through its Gemini Earn program. The SEC accused Gemini of violating regulations while working with Genesis, a now-bankrupt crypto lending firm.
Gensler, who served as SEC chair until Jan. 20, was known for aggressively regulating the crypto industry. Under his leadership, the SEC pursued several enforcement actions against crypto firms. He has now returned to MIT to teach and research topics related to finance and regulation.
Crypto Industry Boycotting Anti-Crypto SEC Officials
The boycott has received both support and criticism. Bitcoin advocate Erik Voorhees backed the decision, saying all crypto firms should refuse to hire MIT graduates until Gensler is removed.
Bitcoin advocate Erik Voorhees said that every crypto company should boycott MIT grads until Gary is fired. Source: XCoinbase, another crypto exchange, previously stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal. Coinbase’s CEO, Brian Armstrong, has criticized firms that employ individuals he believes tried to harm the crypto industry.
However, others in the industry disagree with Gemini’s stance. Sergey Gorbunov of Axelar Network said students should not be punished for MIT’s decision to rehire Gensler. Preston Byrne, a legal expert, called the boycott an “overkill” response.
Jiasun Li, a blockchain advocate and professor at George Mason University, suggested that crypto firms could refuse to hire students who take Gensler’s class instead of boycotting all MIT graduates.
Gemini Accused Gary Gensler Of Harming Crypto Industry
Winklevoss has repeatedly expressed his opposition to Gensler. In a post on November 16, he accused Gensler of harming the crypto industry and said no apology could undo the damage.
Since Gensler’s departure, the SEC is now led by Mark Uyeda. He was one of three commissioners who voted in favor of approving spot Bitcoin exchange-traded funds (ETFs) in January. Commissioner Hester Peirce, another crypto-friendly SEC official, now leads the agency’s crypto task force.
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