Tyler Winklevoss, co-founder of the Gemini crypto exchange, has raised a red flag: JPMorgan is allegedly quietly undermining the entire cryptocurrency ecosystem. How? By planning to charge fees for access to banking data—data that should remain free—and in doing so, potentially severing the bridge between traditional finance and the crypto world.

On X (formerly Twitter), Tyler accused the $800 billion megabank of launching an attack on open banking and third-party apps like Plaid, Gemini, Coinbase, and Kraken, which allow users to connect their bank accounts with crypto wallets. That bridge is now under threat.

“JPMorgan wants you to pay for access to your own financial data,” Winklevoss said. “This isn’t consumer protection—it’s an attack on innovation and on the right to control your own money.”

The move targets services built on open banking principles, especially those protected under Section 1033 of the Consumer Financial Protection Act. Tyler warns that JPMorgan is even suing the CFPB to eliminate the rule altogether.

🧨 New Fees Could Destroy Small Fintechs

Last month, JPMorgan notified fintech firms that it plans to introduce charges for every customer data access request. This would affect users who transfer fiat funds from JPMorgan Chase accounts to crypto exchanges like Coinbase.

Tech providers like Plaid and MX would have to absorb the fees—and are expected to pass the cost on to consumers. Some smaller fintechs say they would have to raise prices by 1000% just to survive. This could effectively wipe out innovation, forcing small startups out of the market.

Arjun Sethi, co-founder of Kraken, stated that JPMorgan now treats data as a monetizable asset: “Once data becomes a source of revenue, the goal is to lock it up, break it apart, and sell it at a margin.”

😡 Public Backlash: “Banks Fear You'll Own Your Own Data”

Tyler’s post sparked a wave of responses on X. Many users shared stories of blocked bank transfers to Kraken, even after visiting JPMorgan branches in person.

“Big banks are terrified you might actually control your financial data. They’d rather keep you caged,” wrote one commenter. Another added, “I’m not even into crypto, but this hurts fintech.”

Some skeptics pointed out the risks of giving login credentials to third parties like Plaid. “Remember, if it’s free, you’re the product,” one user warned.

🧠 Jamie Dimon Wants Total Control

JPMorgan CEO Jamie Dimon made his stance clear back in 2021. He told investors that traditional banks shouldn’t fear fintechs like Plaid—but that the competition would be brutal, and he intended to win.

In his annual shareholder letter this year, Dimon wrote that the fight against data aggregators was already well underway. He claimed JPMorgan is willing to share customer data—but only on their terms. Customers, he argued, should know exactly how and when their data is used.

He also accused firms like Plaid of exploiting banking infrastructure for profit, saying they should be required to pay for using JPMorgan’s systems.

During the company’s recent earnings call, Dimon said that operating APIs and maintaining cybersecurity “costs real money.” Critics, however, believe this is less about protection and more about crushing competition.

📉 20 Million JPMorgan Clients Could Be Cut Off

Analysts estimate JPMorgan holds around 20 million checking accounts. If these data access fees are enforced, millions of users could lose the ability to connect their bank accounts to crypto platforms.

JPMorgan has already informed Plaid and other aggregators that the charges are coming—but hasn’t disclosed the exact pricing yet.

🛑 PayPal and Block Might Be Safe—for Now

Some believe companies like PayPal and Block may have struck private deals with JPMorgan, shielding them from these new costs. But others warn this view might be too optimistic—and that no fintech is truly safe from this shift.

🧠 Quick Summary

Tyler Winklevoss is sounding the alarm: JPMorgan is taking steps that could disconnect millions of users from the crypto ecosystem. By introducing fees for accessing banking data, the bank threatens to kill off small fintech startups and severely limit the ability to bridge fiat accounts with crypto services. Critics argue this isn’t about consumer protection—it’s about maintaining monopoly power in the financial world.

#JPMorgan , #Banking , #blockchain , #CryptoNews , #CryptoCommunity

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