The post Tyler Winklevoss Calls Out JPMorgan as Crypto Access and Open Banking Clash Intensifies appeared first on Coinpedia Fintech News
Gemini co-founder Tyler Winklevoss has publicly called out JPMorgan, as he accused the bank of trying to shut down access to crypto. This adds to its rocky history with Gemini, when the bank had once dropped them, saying crypto wasn’t worth the risk.
Data Fees Could Crush Crypto-Focused Fintechs
This comes after a Bloomberg report revealed that JP Morgan plans to charge fintechs for access to customer data. He claims that this move could bankrupt crypto-friendly fintechs that rely on that data to help users buy crypto.
Kraken’s co-CEO, Arjun Sethi, had also criticized the move, saying JPMorgan is treating user data like a product to sell. Right now, apps like Plaid let you connect your bank to crypto platforms like Gemini, Coinbase, and Kraken, for free. But banks want to start charging high fees, which could crush the fintechs that make those connections possible.
Ten major fintech and crypto groups, including the Blockchain Association and Crypto Council for Innovation, have asked President Trump to step in. They warn that this move could de-bank millions of Americans and hurt tools like stablecoins and crypto wallets.
Banks Threaten Open Banking Rule
He explains that a rule called the Open Banking Rule gives people the right to access their bank data through third-party apps. But now, JPMorgan and others are suing to get that rule thrown out, which could shut down easy access to crypto.
He calls this a clear case of big banks trying to protect their interests by blocking innovation. He also said that this goes against President Trump’s push to make America a global leader in crypto.
Winklevoss claims JPMorgan is punishing Gemini for his public criticism, saying the bank paused its re-onboarding after his tweet. He calls it part of “Operation Choke Point 2.0,” a broader effort to block crypto firms from banking access.
“We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for what is right,” he said, in a recent X post.
Users Slam Big Banks
The post triggered a wave of comments among users. “Big banks are scared you might actually control your own money.” Some users are calling out the real issue that banks don’t want to give up control. They would rather keep people locked into their systems than allow true financial freedom.
Another user noted that Open Banking isn’t just a crypto issue, it’s global. Most countries are moving toward it, and the U.S. falling behind would hurt innovation and competition.
One of them went even further and said that Ripple needs to secure a banking license fast if this is the kind of roadblock the industry will keep facing. He points out that traditional banks have spent years pushing back against digital assets, and now that crypto is gaining ground, they’re unprepared.
In a surprising twist, JP Morgan is now exploring plans to offer loans backed by clients’ crypto assets like Bitcoin and Ethereum. This is especially surprising given CEO Jamie Dimon’s past views. Just a few years ago, he called Bitcoin a “fraud” and claimed it was used by “drug dealers and murderers.”
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FAQs
Winklevoss accused JPMorgan of blocking Gemini’s banking access after he criticized their anti-crypto practices.
Fees and restricted data access could limit how users connect banks to crypto apps like Gemini and Kraken.
Yes, critics say banks are protecting their dominance by limiting fintech tools that support crypto adoption.
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