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Tyler Winklevoss, co-founder of Gemini, says that the new reimbursements of JPMorgan Crypto and other fintech companies will paralyze and betray consumer rights.
JPMorgan Chase, the largest bank in America, draws new combat lines in its long-standing feud with fintech companies about access to customer data.
Jamie Dimon vs. Open banking
JPMorgan CEO Jamie Dimon grabbed the chance of a potential legal turn and proposed to charge steep costs for fintech companies for customer data.
This step, critics claim, can harm platforms such as plaid that can harm benches and crypto apps such as Gemini, Coinbase and Kraken.
One of the most vocal critics is co-founder of Gemini, Tyler Winklevoss, who sees the movement as a direct attack on innovation and a calculated effort to suppress the competition.
“JPMorgan and the bankers try to kill fintech and crypto companies.”
Source: X
The “Open Banking Rule” of the Consumer Financial Protection Bureau is currently protecting the rights of consumers to gain their financial data free access to third -party apps.
But if it is withdrawn, it will open the door for banks such as JPMorgan to give substantial reimbursements about this access, which is essential for both consumers and data aggregators (such as plaid).
Of course Winklevoss condemned the JPMorgan movement as a clear case of recording the regulations and an attack on consumer rights.
JPMorgan defends himself
However, JPMorgan defended the move, in which spokesperson Pusateri stated that the new reimbursements limit the overwhelming volume requests of fintech companies, most of which, the bank claims, are not directly linked to the actual consumer activity.
In conversation With Forbes, Pusateri noted,
“We receive nearly two billion monthly requests for customer data from intermediaries, and more than 90 percent of them are not related to a consumer using fintech services.”
Critics, including Winklevoss,, however, called this a textbook of regulations of regulations – where large banks influence rules to limit competition.
Winklevoss Slams Dimon’s ‘Anti-Crypto Agenda’
While JPMorgan claims The new reimbursements are needed to limit excessive data requests, critics see it as part of a broader attempt of traditional finances to sharpen its grip on the developing financial ecosystem.
Note about the same, Winklevoss added”
“Jamie Dimon and his gashers try to undermine President Trump’s mandate to make America the pro -innovation and the crypto capital of the world. We have to fight back!”
He also hinted that Gemini’s recent offboarding from the bank may have been retribution for his pronounced criticism.
Yet he remains determined in his attitude and promises to continue to reduce what he sees as anti-competitive practices.
He stated”
“Sorry Jamie Dimon, we will not remain silent. We will call this anti-competitive, rent-seeking behavior and the immoral attempt to go bankrupt fintech and crypto companies.”
JPMorgan’s Pro-Crypto Move
Interesting is that JPMorgan took steps on data access while fighting fintechs in the direction of the acceptance of Crypto.
Reports suggest that the bank is planning to provide loans that are supported by customers’ crypto companies, which indicates a more complex approach than a full opposition.