Bitcoin News Today: JPMorgan Accused of Anti-Competitive Tactics to Halt Crypto Advocacy Despite $60B Inflows

JPMorgan Chase & Co. is under fire for allegedly using opaque strategies to suppress crypto advocacy, with critics accusing the bank of imposing burdensome fees on fintech platforms that enable access to banking data for crypto users. The controversy centers on the bank’s decision to halt its plans to reinstate crypto exchange Gemini as a client, following public criticism from Gemini co-founder Tyler Winklevoss. Winklevoss revealed on X that JPMorgan paused the re-onboarding process after Gemini was excluded during “Operation Chokepoint 2.0,” a perceived regulatory campaign to restrict services to “disfavored” industries like crypto. He alleged the move is part of a broader effort by traditional banks to erode consumer data rights and stifle financial technology innovation [1].

The dispute highlights tensions between legacy banking institutions and the crypto ecosystem. Winklevoss accused JPMorgan of leveraging its market dominance to create barriers for crypto-friendly fintech services, which facilitate linking bank accounts to crypto platforms. These services are critical for enabling users to fund purchases of digital assets like bitcoin. He warned that such tactics could force fintechs to either absorb exorbitant fees or abandon crypto-related offerings, ultimately undermining the democratization of finance [1].

The situation underscores a paradox for JPMorgan: while the bank has benefited from the crypto boom, reporting $60 billion in net inflows into digital assets year-to-date, its alleged anti-competitive behavior risks alienating a growing demographic of digital-native investors [2]. Critics argue that restricting open access to banking data through opaque regulatory pressures contradicts the bank’s profiting from crypto markets. This contradiction reflects broader industry challenges, as major banks grapple with balancing participation in and regulation of the crypto space.

The accusations coincide with heightened scrutiny of crypto regulation, raising ethical questions about the use of market power in finance. Winklevoss framed JPMorgan’s actions as a “rent-seeking” effort to monopolize data access and “bankrupt fintech and crypto companies.” He vowed to continue challenging such practices, despite JPMorgan’s failure to publicly address the specific claims. The lack of an official response has left the debate to unfold in public forums, with critics calling for congressional oversight and legislative reforms to ensure fair banking access [1].

The implications extend beyond JPMorgan, signaling a strategic dilemma for legacy banks in an evolving financial landscape. As fintech innovation reshapes traditional banking models, the interplay between institutional gatekeepers and digital disruptors remains contentious. The outcome of this scrutiny may determine whether crypto remains a disruptive force or becomes entangled in regulatory frameworks that favor entrenched players. For now, the allegations serve as a stark reminder of the fragile balance between innovation and institutional power in finance.

Source: [1] [Bitcoin.com](https://news.bitcoin.com/jpmorgan-accused-of-silencing-crypto-advocates-with-hidden-de-banking-tactics/) [2] [CoinDesk](https://www.coindesk.com/jpmorgan-estimates-60b-crypto-inflows)