Tyler Winklevoss, co-founder of Gemini, has accused JPMorgan and other major banks of undermining financial innovation by challenging consumer rights related to data access. In a post on X, he expressed concern over Wall Street's efforts to dismantle the Consumer Financial Protection Bureau’s (CFPB) 'Open Banking Rule,' which allows consumers to share their financial data via third-party apps like Plaid. Winklevoss argues that this legal battle threatens consumer choice and the progress of cryptocurrency, warning it could bankrupt fintechs that facilitate connections between banks and crypto platforms like Gemini and Coinbase. He criticized JPMorgan's actions as contrary to President Trump's vision of making the U.S. a leader in crypto innovation. Supporting Winklevoss, Senator Cynthia Lummis echoed his sentiments, while Kraken's co-CEO, Arjun Sethi, described JPMorgan's proposed fees for data access as a power grab rather than a technological advancement. Sethi emphasized the need for the crypto industry to maintain its foundational principles and avoid replicating centralized power structures. Read more AI-generated news on: https://app.chaingpt.org/news