Gemini, the crypto exchange, has made a bold move. They announced they won’t hire any graduates from the Massachusetts Institute of Technology (MIT) unless the university cuts ties with former SEC chair Gary Gensler.

Tyler Winklevoss, co-founder and CEO of Gemini, shared this news in a post on X on January 30. He emphasized that the company would also not be hiring interns for their summer program.

This conflict with the SEC goes back to March. Back then, Gemini paid $21 million in fines to settle allegations that it sold unregistered securities through its Gemini Earn program, which was linked to the now-bankrupt crypto firm Genesis. Gensler, who led the SEC during this time, was instrumental in that enforcement action.

Now, Gensler is back at MIT, teaching about artificial intelligence in finance and regulatory policy. Before his SEC role, he taught at MIT from 2018 to 2021.

Under Gensler’s leadership, the SEC took action against many crypto companies. Winklevoss’s comments have resonated with others in the industry. Bitcoin advocate Erik Voorhees stated, “Every crypto company should boycott MIT grads until Gary is fired.”

In the past, the crypto industry has considered boycotting SEC staff. For instance, Coinbase stopped working with the law firm Milbank after it hired former SEC official Gurbir Grewal in December. Coinbase CEO Brian Armstrong mentioned that his firm would avoid law firms that employ people who tried to “unlawfully kill” the industry.

On the flip side, some, like Sergey Gorbunov from Axelar Network, believe it’s unfair to punish students for the industry’s issues with Gensler. He has even offered to hire MIT graduates. Preston Byrne, from Arkham, agreed, saying, “Not hiring law firms that employ SEC enforcers is one thing. Not hiring MIT graduates seems like overkill.”

Jiasun Li, a professor at George Mason University, suggested a different approach. He proposed boycotting students who enroll in Gensler’s classes instead. Winklevoss has expressed that any organization hiring Gensler would betray the crypto industry. He stated, “No amount of apology can undo the damage he has done to our industry and our country.”

Currently, the SEC is led by Mark Uyeda. He was one of three commissioners who voted in favor of spot Bitcoin exchange-traded funds in January 2024. Another supporter of the spot Bitcoin ETF, Hester Peirce, is now heading the SEC's new crypto task force.