Winklevoss Accuses JPMorgan of Anti-Crypto Tactics

Winklevoss Claims JPMorgan Retaliated After Fee Criticism

Tyler Winklevoss, co-founder of the Gemini crypto exchange, has publicly accused JPMorgan Chase of halting Gemini's onboarding process in retaliation for his criticism of the bank's new fee structure for fintech companies.

The Spark: Data Access Fees

The controversy began when Winklevoss criticized JPMorgan CEO Jamie Dimon following reports that the bank would start charging fintech platforms for accessing customer banking data. These platforms often act as crucial bridges between traditional banking and the crypto world.

Winklevoss took to X to express his concerns, stating that the fees would "bankrupt fintechs" and constituted "egregious regulatory capture" that stifled innovation and harmed consumers.

JPMorgan's Defense

JPMorgan defended its decision, stating that it processes nearly 2 billion monthly requests for user data from third parties, many of which are not tied to actual customer activity. The bank claims the fees are intended to curb misuse and protect consumers.

Alleged Retaliation

Following the public exchange, Winklevoss claimed that JPMorgan informed Gemini it was pausing the re-onboarding process. It's worth noting that JPMorgan had previously offboarded Gemini during "Operation Choke Point 2.0," a period marked by increased regulatory scrutiny and banking access restrictions for crypto firms.

Winklevoss has vowed to continue challenging what he describes as "anti-competitive, rent-seeking behavior" and an "immoral attempt to bankrupt fintech and crypto companies."

Gemini's Expansion

Gemini, which recently filed confidentially for an IPO, has been expanding its services, including the introduction of tokenized stocks.

Key Takeaways:

• Winklevoss accuses JPMorgan of halting Gemini onboarding due to criticism of new fees.
• JPMorgan defends the fees as necessary to protect consumers and curb misuse of data.
• The dispute highlights ongoing tensions between traditional finance and the crypto industry regarding regulation and competition.