Winklevoss Takes Aim at JPMorgan Amid Banking Backlash
Tyler Winklevoss claims that JPMorgan has paused Gemini’s efforts to regain banking connections after he openly criticized the bank. He asserts that the move occurred soon after he tweeted calling out prominent banks for resisting open banking reforms. He suspects the timing wasn’t coincidental.
My tweet from last week hit a nerve. This week, JPMorgan informed us that as a result, they were halting their re-onboarding of @Gemini as a client after they off-boarded us during Operation ChokePoint 2.0. They want us to remain silent while they quietly attempt to take away your… https://t.co/c9Ls7QpAmT
— Tyler Winklevoss (@tyler) July 25, 2025
A Tweet That Altered Everything
On July 19, Winklevoss charged the banking sector with attempting to dismantle the Consumer Financial Security Bureau’s Open Banking Rule. He contended that banks were trying to prevent consumers from sharing their own data through services like Plaid. Shortly after expressing his opinion, Gemini’s negotiations for re-onboarding with JPMorgan reportedly stalled. Winklevoss viewed it as retaliation for voicing his concerns.
What’s at Risk for Users and Fintechs
The open banking crypto law at hand is part of Section 1033 of the Consumer Financial Security Act. Its purpose is to grant consumers authority over their financial data and enable them to share it with applications and services of their choice. Winklevoss contends that banks are working to create a pay-to-play framework by imposing fees, which would negatively affect smaller fintechs and crypto businesses that rely on seamless fiat-to-crypto exchanges.
Is This About Financial Gain or Dominance?
Winklevoss was outspoken. He portrayed the banks’ opposition as a means to safeguard their gatekeeping position in the financial landscape. He argues that it’s not merely about cost recovery, but rather about maintaining data control. He cautioned that banks are resisting not just through lobbying but also via legal efforts aimed at delaying or undermining the compliance altogether.
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Industry Support for Winklevoss
He’s not alone in raising concerns. Arjun Sethi, co-CEO of Kraken, shared his own criticisms, stating that banks are treating access to customer data as a commodity to be sold, risking entrapment in closed ecosystems. Nic Carter also contributed, linking the situation to what’s often referred to as Operation Choke Point 2.0, during which crypto companies lose banking relationships without a transparent reason.
Gemini’s Banking Journey and Alternatives
Gemini maintained a strategic alliance with JPMorgan prior to regulators encouraging banks to sever ties with crypto companies in 2023 and early 2024. Since then, the firm has been looking for different banking partners. This isn’t the first instance where the Winklevoss twins had to adapt. They’ve previously confronted banking issues and responded by expanding their international presence and developing alternative payment systems.
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JPMorgan’s Quietness Speaks Volumes
The bank has not publicly addressed Winklevoss’s allegations. Historically, JPMorgan has justified charging fees for access to its data ecosystem, and CEO Jamie Dimon hasn’t been subtle about his skepticism regarding crypto. Whether the pause in negotiations was motivated by personal, political, or procedural factors, JPMorgan remains silent for the time being.
This is a part of a broader struggle over who has the authority to control financial data. If fees become commonplace, it may hinder new entrants from competing and impede users’ ability to link their bank accounts to desired services. The resolution of this dispute could influence the trajectory of open banking in the U.S. for years ahead.
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Key Insights
- Tyler Winklevoss asserts that JPMorgan stopped Gemini’s banking negotiations after he criticized banks for opposing open banking regulations.
- The contention revolves around Section 1033, which empowers consumers over their financial data and enables them to share it with applications.
- Winklevoss and others argue that banks aim to impose fees for data access, limiting fintechs and crypto platforms.
- Industry figures like Arjun Sethi and Nic Carter suggest this reflects a broader agenda to restrict crypto’s access to banking services.
- JPMorgan has remained silent publicly, but the ongoing standoff underscores escalating tensions between traditional finance and crypto entities.
The article Winklevoss Calls Out JPMorgan Over Banking Backlash first appeared on 99Bitcoins.
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