Tyler Winklevoss says JPMorgan hit pause on Gemini’s try to revive banking entry after he publicly criticized the financial institution. In response to him, the choice got here shortly after he posted a tweet calling out main banks for preventing in opposition to open banking reforms. He believes the timing wasn’t a coincidence.
My tweet from final week struck a nerve. This week, JPMorgan informed us that due to it they have been pausing their re-onboarding of @Gemini as a buyer after they off-boarded us throughout Operation ChokePoint 2.0. They need us to remain silent whereas they quietly strive to remove your… https://t.co/c9Ls7QpAmT
— Tyler Winklevoss (@tyler) July 25, 2025
A Tweet That Modified All the pieces
On July 19, Winklevoss accused the banking business of attempting to intestine the Shopper Monetary Safety Bureau’s Open Banking Rule. He argued that banks have been making an attempt to dam shoppers from sharing their personal information by platforms like Plaid. Shortly after airing his views, Gemini’s re-onboarding talks with JPMorgan reportedly stalled. Winklevoss noticed it as punishment for talking out.
What’s at Stake for Customers and Fintechs
The open banking rule in query falls beneath Part 1033 of the Shopper Monetary Safety Act. It goals to present shoppers management over their monetary information and permit them to share it with apps and companies they select. Winklevoss argues that banks are attempting to flip this right into a pay-to-play mannequin by including charges, which might damage smaller fintechs and crypto platforms that rely on easy fiat-to-crypto transfers.
Is This About Cash or Energy?
Winklevoss didn’t maintain again. He framed the banks’ resistance as a approach to shield their gatekeeper position within the monetary system. In his view, it’s much less about protecting prices and extra about protecting management over information. He warned that banks are pushing again not simply by lobbying however by authorized motion geared toward delaying or weakening the rule completely.
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Others within the Trade Again Him Up
He’s not the one one sounding the alarm. Arjun Sethi, Kraken’s co-CEO, weighed in together with his personal criticism. He mentioned banks are treating entry to consumer information like a product to be bought, which may lock individuals into walled gardens. Nic Carter additionally chimed in, tying the entire scenario to what’s typically referred to as Operation Choke Level 2.0, the place crypto firms lose banking entry with out a clear rationalization.
Gemini’s Banking Historical past and Workarounds
Gemini had a relationship with JPMorgan earlier than regulators started urgent banks to distance themselves from crypto companies in 2023 and early 2024. Since then, the corporate has been searching for various banking companions. This wouldn’t be the primary time the Winklevoss twins needed to pivot. They’ve handled debanking points earlier than and responded by increasing internationally and constructing out totally different cost rails.
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JPMorgan’s Silence Says a Lot
The financial institution hasn’t commented publicly on Winklevoss’s declare. Prior to now, JPMorgan has defended charging charges for entry to its information infrastructure, and CEO Jamie Dimon hasn’t precisely been shy about his mistrust of crypto. Whether or not the pause in discussions was private, political, or procedural, JPMorgan is protecting quiet for now.
This is a part of a wider battle over who will get to regulate monetary information. If charges turn into the norm, it may make it tougher for brand new gamers to compete, and for customers to freely join their financial institution accounts to the companies they need. The end result of this battle may form the way forward for open banking within the U.S. for years to come back.
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Key Takeaways
Tyler Winklevoss says JPMorgan halted Gemini’s banking talks after he criticized banks for opposing open banking guidelines.
The dispute facilities on Part 1033, which supplies shoppers management over their monetary information and lets them share it with apps.
Winklevoss and others declare banks need to cost charges for information entry, locking out fintechs and crypto platforms.
Trade voices like Arjun Sethi and Nic Carter say this displays a wider push to restrict crypto entry to banking companies.
JPMorgan hasn’t responded publicly, however the standoff highlights rising rigidity between conventional finance and crypto companies.
The put up Winklevoss Calls Out JPMorgan Over Banking Backlash appeared first on 99Bitcoins.
