Tyler Winklevoss accuses JPMorgan Chase of obstructing his crypto company, Gemini, following his criticism of the bank.
Tyler’s statements emerged on July 19, shortly after Bloomberg announced JPMorgan’s new fees for fintech companies accessing user banking data. Tyler argued this fee structure would severely impact fintechs that facilitate bank account connections for platforms like Gemini.
He expressed his grievances on X, directly tagging JPMorgan CEO Jamie Dimon in his post. “Sorry Jamie Dimon, we won’t stay silent,” Tyler declared. “We will continue to challenge this anti-competitive, rent-seeking behavior and immoral effort to bankrupt fintech and crypto firms. We will forever stand up for what’s right!”
Tyler’s objections went beyond mere fees; he alleged that JPMorgan paused Gemini’s onboarding process as an act of retaliation. This isn’t the first instance of such disputes.
JPMorgan’s history with Gemini
Long before Donald Trump took on a more favorable stance towards crypto, JPMorgan had instructed Gemini to seek another bank, deeming it unprofitable. Tyler noted that this ongoing tension has surfaced again, following his public criticism.
Tyler and his twin brother, Cameron Winklevoss, who have supported Trump in previous campaigns, have been involved in numerous White House events during Trump’s current term. This comes as the administration strives for policies that reduce regulatory burdens on crypto companies.
Despite Tyler’s stark comments, Dimon’s perspective on crypto has previously been hostile. He has branded bitcoin as a “fraud” and warned that any JPMorgan trader trading in bitcoin would be dismissed, labeling the asset class valuable solely for criminals.
JPMorgan’s potential entry into crypto lending
Amidst Tyler’s denunciations, JPMorgan is reportedly gearing up to introduce crypto-backed loans, potentially as soon as next year, allowing loans against bitcoin and ether as collateral—an area where most traditional banks, including Goldman Sachs, have yet to tread.
While formal announcements are pending, Dimon’s language has notably evolved. In May, he acknowledged, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin. Go at it,” indicating a clear shift from previous remarks.
This internal change at JPMorgan may stem from feelings of alienation from affluent clients whose wealth derived from crypto investments. Tyler suggests their current tactic of imposing fees on fintechs for banking access hints that the bank is still keen to distance itself from crypto firms, particularly those that criticize its strategies.
Gemini remains proactive: earlier this year, it filed for an IPO confidentially, and it could soon go public, depending on the SEC’s investigation speed. Earlier, Gemini resolved a case with the Commodity Futures Trading Commission by agreeing to a $5 million payment.
Founded in 2015 by Tyler and Cameron Winklevoss after their legal battle with Facebook’s Mark Zuckerberg, they’ve transformed Gemini into a leading crypto exchange in the U.S., despite ongoing regulatory struggles and banking issues.
Tyler’s allegations arise at a pivotal time for crypto in U.S. politics, with new momentum under the current administration. Recently, the U.S. House of Representatives enacted significant crypto legislation, regulating stablecoins—signed into law the following day by Trump.
This shift may facilitate more crypto-related financial offerings even from traditional banks like JPMorgan. For Tyler, the key fight centers on preventing banks from stifling their critics, with a clear target emerging.
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