JPMorgan is facing a wave of fierce criticism after proposing customer data access fees that many experts believe will stifle DeFi and cryptocurrency companies.
This decision not only raises concerns about the future of fintech and cryptocurrency platforms but also questions the right to access data and fair competition in the modern financial sector.
MAIN CONTENT
JPMorgan proposes to charge fees for accessing customer data, threatening the operations of fintech and cryptocurrency companies.
Tyler Winklevoss (Gemini) and many experts criticize this move as undermining consumer rights and reducing competition.
Despite the controversy, JPMorgan continues to take steps to approach the cryptocurrency market through new services.
What has JPMorgan Chase just done to cause a stir in the fintech and cryptocurrency sectors?
JPMorgan Chase, the largest bank in the U.S., has recently sparked intense controversy by proposing fees for customer data access for fintech and cryptocurrency companies like Gemini, Coinbase, or Kraken. This move raises concerns about the potential tightening of financial data access for millions of users, while also negatively impacting the modern financial ecosystem.
JPMorgan and other 'big banks' are looking to stifle fintech and cryptocurrency companies.
Tyler Winklevoss, Co-founder of Gemini, shared on X (July 27, 2025)
This proposal has faced a strong wave of opposition from leaders in the fintech industry, who believe it is a sign that large financial institutions are striving to curb innovation and competition.
How is the legal framework regarding customer data access in the U.S. changing?
Consumer access to financial data in the U.S. is currently protected by the 'Open Banking Rule' of the Consumer Financial Protection Bureau (CFPB). This regulation ensures users can access data freely through third parties, promoting strong growth of fintech and cryptocurrency platforms.
However, if this regulation is abolished, banks like JPMorgan could impose very high fees for data access, creating significant barriers not only for users but also for data aggregation companies like Plaid.
The elimination of the Open Banking Rule would pave the way for banks to impose huge fees for access to financial data, fundamentally affecting competition and innovation.
Forbes, Report on July 21, 2025
Many experts point out that any changes to the legal framework will reshape the balance of power in the emerging financial market, especially in DeFi and cryptocurrency technology.
What does JPMorgan explain for its move to charge customer data fees?
JPMorgan argues that the volume of data requests from fintech companies is overwhelming the system, most of which are not directly related to actual consumer needs. JPMorgan spokesperson Pusateri stated that this move aims to control and reduce 'unnecessary' requests.
We receive nearly 2 billion customer data requests monthly from intermediaries, of which over 90% are unrelated to actual customers using fintech services.
Pusateri, JPMorgan spokesperson, stated to Forbes, July 2025
However, experts point out that the large scale of these requirements is merely an inevitable consequence of the development of the digital economy, and fintech platforms must ensure security and filtering to only send data when truly necessary. Charging fees may slow down innovation or shift costs to end consumers.
What impact will JPMorgan's new proposal have on fintech and cryptocurrency companies?
The proposal to impose data access fees is expected to have a strong impact on financial data intermediary platforms (like Plaid), and particularly negatively affect high-user trading applications such as Gemini, Coinbase, or Kraken.
If these companies are imposed additional costs to maintain data access, their ability to scale services, reduce transaction costs, and even innovate products will be severely threatened. This directly hinders the development of the DeFi ecosystem and fintech innovation in the U.S.
This new regulation, if implemented, is essentially aimed at protecting the interests of traditional banks and stifling the competitive dynamics of fintech companies.
Tyler Winklevoss, Gemini, interviewed on July 27, 2025
Finextra's report (2025) also emphasizes: Such data barriers will slow investment in the fintech sector, making it difficult for the U.S. to maintain its position as a global center for cryptocurrency and DeFi innovation.
Tyler Winklevoss retorts: Does JPMorgan have an 'anti-cryptocurrency agenda'?
Tyler Winklevoss has strongly criticized CEO Jamie Dimon and JPMorgan, asserting that this action is not only a blow to cryptocurrency companies but also goes against the commitment to build the U.S. into a global center for financial innovation.
Jamie Dimon and his allies are trying to undermine the mission of making the U.S. the leading country in innovation and cryptocurrency. We must resist!
Tyler Winklevoss, Co-founder of Gemini, shared on X on July 28, 2025
Tyler also hinted that Gemini's recent cessation of banking services by JPMorgan could be retaliation for his series of critical statements. Nevertheless, he expressed determination to continue speaking out against these so-called 'anti-competitive' policies.
We will not remain silent in the face of oppressive behaviors that go against business ethics, enriching service providers and risking pushing fintech and cryptocurrency companies to the brink of bankruptcy.
Tyler Winklevoss, shared on X on July 29, 2025
Statements from DeFi business leaders received support from many experts, stating that blocking the path to innovation not only disadvantages small companies but also reduces the overall competitiveness of the U.S. economy in the digital finance sector.
How are large data platforms like Plaid and Yodlee affected?
Platforms like Plaid act as a data bridge between banks and fintech applications, enabling millions of users to easily link their bank accounts with DeFi, cryptocurrency, or personal finance management services.
Charging data access fees will force these platforms to raise service prices or cut features, directly affecting end users. Startups and small businesses will also face difficulties in integrating banking services into new products.
Open banking is the main driver of the growth of modern financial services; tightening data access will hinder innovation, especially for young startups.
Expert from American Banker, July 2025 Report
According to Statista's analysis (2024), over 80 million users in the U.S. are leveraging open banking to access digital financial services — any barriers that arise will have a ripple effect on the multi-billion dollar market of this sector.
JPMorgan: The first pro-crypto move – A strategic contradiction?
Despite showing a strong stance against fintech and cryptocurrency platforms, JPMorgan is implementing initiatives to support the cryptocurrency market, such as issuing loans backed by clients' cryptocurrency assets.
This is seen as JPMorgan's effort to ride the wave of financial digitalization while maintaining its competitive position against the strong rise of independent cryptocurrency organizations.
According to Bloomberg's report (July 2025), the plan to allow mortgages backed by cryptocurrency assets indicates that this bank still wants to enter the multi-billion dollar cryptocurrency market, despite continuously pressuring policies on companies in the sector.
Comparing JPMorgan's move with other major banks regarding financial data access
To clearly identify the controversial nature of JPMorgan's move, it is necessary to compare this action with other major banks in the U.S. and the EU.
Regional Bank Policy on Customer Data Access Impact on fintech/DeFi JPMorgan U.S. Proposes high fees, limits access Negative impact Bank of America U.S. Still allows access through third parties under Open Banking law Neutral HSBC EU Complies with PSD2, mandating free open APIs for fintech Supports innovation Societe Generale EU Open APIs, protecting customer rights Supports DeFi integration
The table above shows: the policies of banks in the EU strongly support the integration process, while JPMorgan's trend clearly reflects a protection of traditional interests rather than promoting innovation.
Behind this new move, what is 'threatening' the U.S. fintech and DeFi market?
Many experts analyze that if the trend of blocking access or charging exorbitant fees continues, U.S. fintech startups and DeFi companies will lose their competitive edge and gradually fall behind compared to Europe or Asia, which are more open to customer data regulation.
The World Economic Forum report (2025) forecasts: By 2030, economies with flexible open banking policies will dominate the pace of DeFi innovation, with the potential for net profit growth of up to 12–15% per year compared to an average of 7% in conservative economies.
Competition and innovation only occur when data is transparently circulated, ensuring both privacy and accessibility in terms of legal obligations and individual rights. The excessive control of data by large banks, in the long term, places the U.S. at risk of lagging behind in global financial technology.
Who will be the winners and losers in this data access fee battle?
If JPMorgan's proposals are approved, the immediate beneficiaries will be traditional banks with new revenue from service fees. In contrast, innovative companies in fintech and DeFi, along with millions of consumers, will face higher costs and less flexible services.
Analysis from McKinsey (2025) indicates: With an additional charge of 5–10 USD per data access per month, small fintech startups risk bankruptcy or leaving the market, while larger corporations will be forced to raise service prices for customers.
Only when the fintech ecosystem is protected can consumers truly benefit from competition in terms of price, convenience, security, and a diverse array of services. Any move that disrupts this balance will have long-term consequences for the entire digital finance sector.
What does the global cryptocurrency market perceive regarding JPMorgan's move?
Reactions from the cryptocurrency community and international experts largely suggest that JPMorgan's policy reduces investor confidence and enthusiasm toward the legal environment in the U.S. Coinbase founder Brian Armstrong stated in 2024:
Cryptocurrency platforms can only thrive when users are free to access and transparently transfer data between services.
Brian Armstrong, CEO of Coinbase, interviewed by The Block, 2024
Blocking or charging for data access is viewed as a measure to protect traditional interests, going against the trend of open collaboration in financial technology in Europe, Singapore, and South Korea.
Future forecast: What is a plausible scenario for the U.S. fintech and cryptocurrency market?
Experts believe that the future of the digital finance market in the U.S. greatly depends on the direction of data policies. If access fees are imposed and the open banking rule is gradually abolished, the U.S. could lose its position as a global center for innovation to Europe or Asia.
Despite facing many barriers, U.S. fintech companies are still vigorously advocating for policies to maintain transparency, competition, and simultaneously meet customer expectations for free, secure data access.
According to the CB Insights report (2025), investment flows into U.S. fintech will only grow strongly if the legal environment ensures a balance between innovation, user rights, and data security.
Global proposals and trends on open banking – What can the U.S. learn?
Globally, the open banking model has been successfully implemented in the UK, EU, and Singapore, emphasizing customer rights and cooperation between banks and fintech. Asia, with Singapore and South Korea leading, consistently ranks among the most cryptocurrency-friendly countries and attracts strong technology capital flows thanks to open API integration.
The lesson for the United States is to maintain a fair competitive ecosystem, ensuring customer data is shared in a controlled manner without incurring costs that hinder innovation. Only then can the U.S. digital finance maintain its global leadership role.
Open banking drives creativity, enabling new companies to grow and increasing consumer benefits. Policies that obstruct this will slow global innovation.
World Economic Forum, 2025 Report
Frequently Asked Questions
Who are the targets of JPMorgan's data access fees?
This fee primarily targets fintech companies and financial data aggregators, including cryptocurrency exchanges like Gemini, Coinbase, and Kraken.
Are individual consumers directly affected?
In the long run, consumers may face higher costs or reduced utility if intermediary companies are charged data fees.
How does the 'Open Banking Rule' of the CFPB protect users?
This regulation ensures users have free access to their personal financial data through third-party applications, promoting competition and innovation.
Does JPMorgan truly oppose cryptocurrency?
Despite taking actions against fintech, JPMorgan has started offering cryptocurrency-related products such as loans backed by clients' cryptocurrency assets.
Which countries are leading the way in open data (open banking) policies worldwide?
The EU, UK, Singapore, and South Korea stand out with transparent, free data policies that support the integration of digital financial services.
What reasons does JPMorgan give for charging customer data fees?
According to JPMorgan, most data requests from fintech are not related to actual consumer activity, causing system overload.
How have cryptocurrency businesses reacted to this proposal?
Cryptocurrency and fintech companies collectively oppose this, arguing that this is a form of protecting traditional banking interests and stifling innovation.
Source: https://tintucbitcoin.com/winklevoss-chi-trich-jpmorgan-thu-phi/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news regarding the cryptocurrency market and not miss any important information!
