Gemini has decided not to hire MIT graduates as long as former SEC Chair Gary Gensler remains on the university's faculty.
Gemini's Decision and SEC Dispute
Gemini CEO Tyler Winklevoss declared that the company will not hire MIT graduates or accept students for internships due to past disputes with the SEC, which began in March 2023. The company paid $21 million in fines for allegations related to selling unregistered securities through the Gemini Earn program in partnership with the now-bankrupt Genesis.
Crypto Industry Reactions
Winklevoss' comments have been supported by figures like Bitcoin advocate Erik Voorhees, who urged other crypto firms to take similar actions. However, some industry leaders consider this approach excessive. Sergey Gorbunov from Axelar Network argued that students should not be penalized for their university’s faculty choices. Preston Byrne from Arkham criticized the decision, comparing it to other industry boycotts. Some suggested a more targeted approach, such as professor Jiasun Li from George Mason University, who proposed that only students enrolled in Gensler’s classes should be affected.
New Leadership at SEC and Crypto Views
The SEC is now led by Mark Uyeda. Along with Commissioner Hester Peirce, he supported the approval of spot Bitcoin ETFs in January 2024. Peirce currently heads the agency’s newly established crypto task force.
Gemini’s stance on Gary Gensler and MIT graduates has sparked significant debate within the crypto industry. While some have supported the company's approach, others find it excessive. New leadership at the SEC signals potential shifts in regulatory policy concerning cryptocurrencies.
