Gemini crypto exchange declared it will stop recruiting Massachusetts Institute of Technology (MIT) graduates until the university cuts ties with former SEC chair Gary Gensler as an instructor.
Gemini CEO Tyler Winklevoss announced on January 30 that the exchange would not participate in its summer internship program and would not recruit MIT graduates until Gensler left his role at MIT.
This move comes amid a long-standing dispute between Gemini and the U.S. Securities and Exchange Commission (SEC), dating back to March 2023 when the exchange settled with the SEC over $21 million in fines.
The SEC claimed Gemini’s Earn program, partnered with the now-bankrupt Genesis, involved the sale of unregistered securities. Gensler, who served as SEC chair until January 20, now returns to MIT as a professor.
The SEC took multiple crypto-related enforcement actions during Gensler’s leadership period resulting in widespread criticism from crypto advocates. Bitcoin advocate Erik Voorhees joined Winklevoss in advocating for a complete boycott of MIT graduates until Gensler steps down.
Sergey Gorbunov from Axelar Network expressed disagreement with this approach by stating students should not face consequences because of their professor’s actions. Some industry professionals including Jiasun Li advocated for focusing on students who were enrolled in Gensler’s classes.
Winklevoss maintains his criticism of Gensler’s regulatory actions because he believes the industry has suffered substantial damage due to Gensler’s influence.
Also Read: SEC Former Chair Gary Gensler is now an MIT Professor
