Bitcoin News Today: Winklevoss Accuses JPMorgan of Retaliating Over Data Fees Stifling Crypto Firms

Gemini co-founder Tyler Winklevoss has publicly accused JPMorgan Chase & Co. of retaliating against his company by pausing its re-onboarding process, framing the move as part of a broader effort to undermine fintech and crypto firms through restrictive data access policies [2]. The dispute centers on JPMorgan’s recent decision to charge third-party platforms—such as Plaid—for accessing customer banking data, a policy Winklevoss alleges will “bankrupt fintechs” by limiting their ability to connect users to crypto services like Gemini, Coinbase, and Kraken [5]. He claims the bank suspended Gemini’s onboarding after criticizing JPMorgan’s fees on social media, accusing CEO Jamie Dimon of orchestrating an “anti-competitive, rent-seeking” strategy to suppress innovation in the crypto sector [3].

Winklevoss linked the conflict to JPMorgan’s historical efforts to weaken the Consumer Financial Protection Bureau’s (CFPB) Section 1033 rule, which mandates free data sharing between banks and third-party services. He referenced past tensions, including Gemini’s 2023 exclusion from JPMorgan under the Biden administration’s regulatory scrutiny of crypto businesses, though the exchange denied any operational disruption at the time [2]. The current standoff has intensified amid legal challenges to the CFPB’s open banking policy, with JPMorgan and other banks seeking to roll back rules that enable data access for fintech companies [4].

The allegations highlight growing friction between traditional banks and the crypto industry over open banking regulations. Winklevoss framed JPMorgan’s actions as an attempt to “silence” crypto advocates by charging fees for data access, a move he argues stifles competition and limits consumer choice [5]. The dispute also intersects with broader political dynamics: Winklevoss criticized JPMorgan for undermining President Trump’s pro-crypto agenda, which aims to position the U.S. as a global leader in digital assets. This aligns with the Winklevoss twins’ political support for Trump and their advocacy for crypto-friendly policies [3].

Industry observers note that crypto firms increasingly face challenges securing traditional banking partnerships, a trend exacerbated by regulatory uncertainty and institutional resistance to digital assets. Winklevoss’s public criticism has amplified concerns about banks selectively restricting access to services for crypto businesses, raising questions about fair competition and consumer rights [5]. The Gemini-JPMorgan rift underscores a larger struggle over the balance of power in the financial system, with open banking rules at the center of the debate. JPMorgan’s silence on the allegations has left the dispute in a legal and regulatory limbo, with potential implications for the future of data access in the U.S. financial sector [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/)