Gemini is making a bold statement in response to Gary Gensler’s return to MIT, with co-founder Tyler Winklevoss announcing the exchange’s decision to stop hiring graduates from the prestigious institution.
In a recent post on X (formerly Twitter), Winklevoss stated, “As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school. Not even interns for our summer intern program.” This decision follows Gensler’s reappointment to MIT’s Sloan School of Management, where he will return as a professor and also co-direct the FinTechAI research initiative at MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL).
Gensler’s return has stirred controversy within the crypto community, particularly due to his tenure as SEC Chairman, where he earned a reputation for his tough stance on cryptocurrency. Under his leadership, the SEC pursued aggressive enforcement actions, including labeling many digital assets as securities, which has led to ongoing friction between the regulatory body and the crypto industry.
MIT: A Crypto Hub and Source of Controversy
MIT is well-regarded in the world of technology and finance, often seen as the breeding ground for many crypto industry leaders. Notable MIT alumni include Uniswap co-founder Devin Walsh, Bitcoin Foundation co-founder Patrick Murck, and former FTX CEO Sam Bankman-Fried. According to RootData, at least 54 crypto projects have been founded by MIT graduates, underscoring the institution’s significant role in the sector’s development.
However, with Gensler’s return, many in the crypto world feel betrayed by the academic institution. Winklevoss’ post highlights the ongoing tension, with the Gemini co-founder emphasizing that Gensler’s actions have been detrimental to the industry.
A Growing Backlash Against Gensler’s Influence
Gemini is not the only crypto company distancing itself from institutions linked to figures from the Biden administration. In December 2023, Coinbase CEO Brian Armstrong announced that the company would no longer work with firms that employ individuals associated with the administration’s policies that are seen as anti-crypto. This came after law firm Skadden Arps hired former SEC enforcement director Gurbir Grewal as a partner, prompting a public outcry from Armstrong and others in the industry.
While Gensler’s influence at MIT is seen by some as an opportunity for students to learn from a figure with substantial experience in finance and policy, others view it as a setback for the next generation of financial innovators. Devin Walsh, an MIT graduate and Uniswap executive, voiced her frustration over Gensler’s reappointment, calling it “incredibly embarrassing and disappointing” and warning students that attending MIT under Gensler’s influence would be a “waste of time, tuition funds, and energy.”
Crypto Community Reacts to Gensler’s Return to Academia
As Gensler prepares to return to academia, his legacy as a key antagonist to the crypto sector remains a point of contention. While Gensler has had a significant career in both academia and regulatory enforcement, his policies as SEC chair have left many in the crypto industry wary of his influence. Now, as a professor, he will be tasked with shaping the next generation’s understanding of fintech, AI, and, inevitably, cryptocurrency.
The crypto community’s strong opposition to Gensler’s MIT role reflects deep-seated frustrations with his SEC policies, and the actions of companies like Gemini and Coinbase suggest this resistance is not just confined to public opinion, but is beginning to influence corporate behavior as well. For now, as Gensler prepares to educate a new wave of students, the crypto industry continues to voice its displeasure with his ongoing influence.
