Bitcoin News Today: Winklevoss Accuses JPMorgan of Halting Gemini Re-Onboarding After Criticizing Data Policies

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused JPMorgan Chase of halting the re-onboarding process for Gemini following his public criticism of the bank’s new data access policies. In a social media post, Winklevoss alleged that JPMorgan retaliated after he called out the bank’s decision to charge financial technology firms for access to customer banking data, a move he described as anti-competitive and harmful to the crypto industry. “My tweet from last week struck a nerve,” Winklevoss wrote, claiming the bank paused discussions after Gemini criticized its stance on open banking regulations. The dispute centers on JPMorgan’s push for higher fees on third-party fintech platforms like Plaid, which facilitate data sharing between banks and apps. Winklevoss argued that these fees would “bankrupt fintechs” and limit consumer access to cryptocurrency services, directly naming JPMorgan CEO Jamie Dimon as a key antagonist in the conflict [1].

The conflict traces back to JPMorgan’s reported efforts to weaken a Consumer Financial Protection Bureau (CFPB) rule under Section 1033, which mandates free data sharing between banks and third-party services. Winklevoss framed the bank’s actions as part of an “Operation ChokePoint 2.0” strategy, referencing historical efforts by financial institutions to cut ties with crypto businesses. He cited Gemini’s 2023 experience, when JPMorgan allegedly pressured the exchange to find a new banking partner under the Biden administration, though Gemini denied any disruption to its relationship at the time [2]. The recent pause in onboarding comes amid heightened scrutiny of open banking rules, with JPMorgan and other banks opposing the CFPB’s proposed policy in court.

Winklevoss’s public rebuke of JPMorgan aligns with broader industry concerns about anti-competitive practices in the fintech and crypto sectors. He emphasized that the bank’s actions contradict Donald Trump’s pro-crypto agenda, which aimed to position the U.S. as a global leader in digital assets. The political alignment is notable: the Winklevoss twins have supported Trump’s campaigns and faced regulatory challenges after exceeding federal donation limits for Bitcoin contributions. Meanwhile, Gemini’s recent filing for an initial public offering with the SEC underscores the exchange’s strategic push to expand its market presence despite ongoing banking challenges [3].

The incident highlights tensions between traditional financial institutions and the crypto industry over control of open banking infrastructure. Critics argue that large banks are leveraging their influence to maintain dominance over data access, which is critical for linking traditional accounts to crypto platforms. JPMorgan’s silence on the allegations has left the dispute in a legal and regulatory limbo, with potential implications for the future of open banking in the U.S. As the CFPB’s Section 1033 rule faces legal challenges, the outcome could shape whether consumers retain free access to their data or face paywalls imposed by financial institutions [4].

Industry observers note that crypto firms increasingly face hurdles in securing traditional banking partnerships, a trend exacerbated by regulatory uncertainty and institutional resistance to digital assets. Winklevoss’s accusations add to a growing narrative that banks are selectively restricting access to services for crypto businesses, raising questions about fair competition and consumer rights. The Gemini-JPMorgan rift reflects a broader struggle over the balance of power in the financial system, with open banking rules at the center of the debate. For now, the absence of public statements from JPMorgan leaves the situation unresolved, but the case underscores the high stakes of regulating digital finance in an era of rapid innovation [5].

Source:

[1] [Winklevoss Calls Out JPMorgan Over Banking Backlash](https://99bitcoins.com/news/bitcoin-btc/winklevoss-says-jpmorgan-blocked-gemini-over-open-banking/)

[2] [Tyler Winklevoss Says JPMorgan's Dimon Paused Onboarding Gemini](https://www.bloomberg.com/news/articles/2025-07-25/tyler-winklevoss-says-jpmorgan-s-dimon-paused-onboarding-gemini-over-criticism)

[3] [Billionaire Tyler Winklevoss to JP Morgan CEO Jamie Dimon](https://timesofindia.indiatimes.com/technology/social/we-will-never-stop-fighting-for-billionaire-tyler-winklevoss-to-jp-morgan-ceo-jamie-dimon-for-rejecting-his-crypto-exchange/articleshow/122920133.cms)

[4] [Winklevoss Accuses JPMorgan of Retaliation Over Criticizing Bankster War](https://cryptoslate.com/winklevoss-accuses-jpmorgan-of-retaliation-over-criticizing-bankster-war-on-open-banking/)

[5] [JPMorgan Accused of Silencing Crypto Advocates With Hidden De-Banking Tactics](https://news.bitcoin.com/jpmorgan-accused-of-silencing-crypto-advocates-with-hidden-de-banking-tactics/)