Bitcoin News Today: Winklevoss Accuses JPMorgan of Retaliation Over Data Access Fees Citing Stifled Crypto Innovation

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused JPMorgan Chase & Co. of retaliating against his criticism of the bank’s data access policies by halting Gemini’s re-onboarding as a customer. The dispute centers on JPMorgan’s proposed fees for third-party fintechs seeking to access customer banking data, which Winklevoss claims would “bankrupt fintechs” and stifle innovation in the crypto industry. He specifically criticized JPMorgan CEO Jamie Dimon for what he describes as an anti-competitive strategy to undermine open banking rules that enable third-party platforms like Plaid to share data freely with consumers. This comes after Winklevoss posted a social media message accusing JPMorgan of using the proposed fees to limit access to banking data, a policy he argues favors traditional banks over crypto firms [2].

Winklevoss alleged that JPMorgan’s actions are part of a broader pattern of de-banking tactics against the crypto industry, referencing the 2023 “Operation ChokePoint 2.0” controversy under the Biden administration, when JPMorgan reportedly pressured Gemini to find alternative banking partners. While Gemini denied any disruption at the time, Winklevoss now claims the recent pause in re-onboarding discussions is a continuation of these efforts. He emphasized that JPMorgan’s push to charge fintechs for data access would disproportionately harm crypto platforms, which rely on free data sharing to facilitate transactions with exchanges like Gemini, Coinbase, and Kraken [4].

The conflict also intersects with the U.S. Consumer Financial Protection Bureau’s (CFPB) Section 1033 rule, which mandates free access to banking data for third-party services. JPMorgan has opposed this regulation, arguing it creates a legal and financial burden for banks. Winklevoss framed the bank’s stance as an attempt to control digital finance infrastructure and limit consumer choice, aligning with broader industry concerns about market concentration. The political dimension is notable: Winklevoss and his twin, Cameron, have supported pro-crypto policies under Donald Trump, who aims to position the U.S. as a global leader in digital assets. Winklevoss accused JPMorgan of undermining this vision by leveraging its influence to impose restrictions on crypto innovation [1].

Industry observers highlight the broader implications for open banking regulations and the crypto sector. Winklevoss’s public criticism has amplified scrutiny of JPMorgan’s legal challenges to the CFPB’s Section 1033 rule. The outcome of these challenges could determine whether consumers retain free access to their banking data or face paywalls imposed by financial institutions. With JPMorgan remaining silent on the accusations, the situation remains unresolved, leaving the future of open banking rules—and crypto firms’ access to traditional financial infrastructure—in legal limbo.

Gemini’s recent filing for an initial public offering underscores its resolve to expand despite banking hurdles, yet the exchange’s struggles reflect a wider industry trend of crypto firms facing resistance from traditional banks. Critics argue that selective de-banking tactics, such as JPMorgan’s alleged actions against Gemini, raise questions about fair competition and regulatory oversight. The case underscores the high stakes of regulating digital finance amid rapid innovation, with courts now evaluating the CFPB’s Section 1033 rule to determine its fate [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/)