Tyler Winklevoss, co-founder of Gemini, is calling out JPMorgan for what he claims is a coordinated attempt to cripple crypto and fintech by restricting access to personal bank data. In a post on X, he warned that the $800B banking giant and its allies are targeting open banking by introducing steep fees for data access — a move that could shut down startups enabling fiat-to-crypto transfers.
🔍 The Target: Plaid & the Open Banking Rule
According to Tyler, JPMorgan’s strategy includes legal action to dismantle Section 1033 of the Consumer Financial Protection Act, which gives consumers free access to their banking data. He says the intent is to choke off third-party aggregators like Plaid, MX, and fintech bridges that power platforms such as Gemini, Coinbase, and Kraken.
💸 New Fees Could Crush Fintechs
Reports show JPMorgan will begin charging fintechs for every instance of account data access — the backbone of fiat-to-crypto transfers. These charges will likely be passed to users or absorbed by already-thin fintech margins. One firm said the fees would exceed what they’ve earned over a decade.
Kraken co-CEO Arjun Sethi added: “Once data becomes a revenue stream, the goal is to fragment it, lock it in, and sell it at margin.”
🚫 Growing Resistance
Tyler’s post sparked backlash across X. Users shared stories of Chase blocking transfers to crypto exchanges and warned this could cripple U.S. innovation.
Even fintech-neutral voices like Andy Barr agreed: “Open banking is standard globally. The U.S. risks falling behind if we don’t enforce it.”
🧠 Jamie Dimon’s Playbook?
JPMorgan CEO Jamie Dimon has long expressed disdain for fintech disruptors. In shareholder letters and earnings calls, he’s said banks must win the data war — on their terms. He argues that API security and system costs justify these moves.
Critics disagree, viewing this as a power grab to control 20 million+ JPMorgan account holders and block them from decentralized alternatives.
While giants like PayPal or Block may have pre-negotiated exemptions, smaller firms — and their users — are left exposed.
📌 If Open Banking collapses in the U.S., crypto accessibility could be the first major casualty.
