Based on materials from the site - By Cryptopolitan_News
Tyler Winklevoss accuses JPMorgan Chase of halting applications from his cryptocurrency company Gemini after he publicly criticized the bank on X.
Comments appeared on July 19, shortly after Bloomberg reported JPMorgan's decision to charge fintech companies for access to their users' banking data. Tyler claimed that this new policy would financially destroy the fintech companies that help people connect their bank accounts to platforms like Gemini.
Tyler expressed his dissatisfaction on X, noting in his post Jamie Dimon, the bank's CEO. "Sorry, Jamie Dimon, we are not going to stay silent," Tyler wrote. "We will continue to expose this anti-competitive, self-serving behavior and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for justice!" The complaint concerned not only the fees. Tyler alleged that in response to his post, JPMorgan completely suspended the registration process for Gemini. According to him, this decision was a deliberate act of retaliation. And this is not the first similar case.
JPMorgan cut ties with Gemini before Trump endorsed cryptocurrency
Years before Trump's friendly approach to cryptocurrencies solidified, JPMorgan had already recommended that Gemini find another bank. At the time, the company considered Gemini unprofitable and turned away from it. Tyler noted that these long-standing disagreements have now resurfaced, and this is happening again under different circumstances, this time immediately after he publicly criticized them.
Tyler and his twin brother Cameron Winklevoss supported Donald Trump's previous campaign. In 2025, they also attended several White House events during Trump's current term. The renewed access to Washington comes amid support from his administration for policies that reduce regulatory pressure on cryptocurrency companies.
Although Tyler's comments were straightforward, they were not a complete surprise. Over the years, Jamie Dimon has earned a reputation as a critic of cryptocurrency. In the past, he called Bitcoin a "fraud" and even told the press that any JPMorgan trader who bought Bitcoin would be fired. He also stated that this class of assets is only useful for criminals.
But, surprisingly, JPMorgan is now planning to engage in crypto lending.
JPMorgan is secretly preparing crypto lending plans
While Tyler criticizes the bank for harming crypto companies, JPMorgan is reportedly preparing to offer loans secured by cryptocurrency. The bank plans to start lending directly against Bitcoin and Ethereum collateral, possibly as soon as next year. The plan may include using cryptocurrency as collateral, which most traditional banks, including Goldman Sachs, have not yet done.
The bank is already issuing loans secured by crypto ETFs, and this will be the next step. Although no official announcement has been made, Dimon's public tone has changed. Speaking in May, he stated: "I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoins. Go ahead." This was a radical change from his previous position.
The internal shift at JPMorgan may be related to the alienation from wealthy clients who have built their portfolios on cryptocurrency. Tyler believes that their current approach, charging fintech companies for access to banking data, shows that the bank still does not want to see cryptocurrency companies in its sphere, especially those who dare to criticize its policies.
Gemini is not standing still. Earlier this year, the company confidentially filed for an initial public offering, according to Bloomberg, which claims that the company could go public by the end of the year, depending on how quickly the U.S. Securities and Exchange Commission completes its investigation. In January, Gemini reached an agreement with the Commodity Futures Trading Commission, agreeing to pay $5 million.
Gemini was founded in 2015 by Tyler and Cameron after their legal battle with Facebook founder Mark Zuckerberg over the origins of the social network. Since then, they have turned Gemini into one of the most well-known cryptocurrency exchanges in the U.S., despite frequent battles with regulators and banking issues.
Tyler's accusations came at a moment when political sentiments in Washington have effectively changed for the first time in history. After many years of uncertainty under Biden, cryptocurrency companies are gaining momentum. The U.S. House of Representatives just passed the first major cryptocurrency bill regulating stablecoins. Trump signed the bill literally the next day.
This change could open the door to a greater number of cryptocurrency-focused financial products, even from banks like JPMorgan. But according to Tyler, the battle is now being fought to silence the bank's critics. And this time the target is clear.
With us (in this group!), as a rule, those (subscribers!) remain who are in search of fresh and relevant news, do not want to browse through dozens of different sites and news publications, and can afford to read all the most interesting news in one news feed!!! 😉
Have a pleasant viewing!!! 😊
