Winklevoss Accuses JPMorgan of Attacking Cryptocurrency

Tyler Winklevoss, co-founder of Gemini, has expressed his concerns on X about JPMorgan’s new fee requirement for fintech companies, accusing the bank of trying to “kill” cryptocurrency firms.

According to Bloomberg, JPMorgan plans to demand fees for fintechs to access customer account information, potentially hindering free access via platforms like Plaid that connect banks to financial applications.

Winklevoss argues that this move threatens fintech firms that are essential to the financial ecosystem, highlighting that major exchanges like Gemini and Coinbase depend on these services for user funding.

He pointed to the “Open Banking Rule,” designed to allow access to financial data through third-party apps, but noted that the banking sector is challenging the Consumer Financial Protection Bureau’s (CFPB) authority on this initiative. Recently, the CFPB indicated plans to repeal the rule that requires data sharing upon request.

Winklevoss criticized the banking industry’s resistance to data sharing, labeling it as “egregious regulatory capture” that stifles innovation and harms consumers.

Winklevoss stated, “This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”