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Tyler Winklevoss, co-founder of Gemini, says that new JPMorgan costs will paralyze crypto and other fintech companies and betray consumer rights.
JPMorgan Chase, the largest American bank, drew new lines of battle in its longtime quarrel with fintech companies on access to customer data.
Jamie Dimon vs Open Banking
Seizing the opportunity during a potential regulatory decline, the CEO of JPMorgan, Jamie Dimon, proposed to invoice serious costs to fintech companies for customer data.
This decision, according to criticism, could harm platforms like Plaid that Bridge Banks and Crypto Apps such as Gemini, Coinbase and Kraken.
Among the most vocal criticisms, the co-founder of Gemini, Tyler Winklevoss, considers movement as a direct attack on innovation and an effort calculated to stifle competition.
“JPMorgan and the Banksters try to kill Fintech and Crypto companies.”
Source: X
The “open banking rule” of the Consumer Financial Protection Bureau is currently protecting consumer rights from accessing their financial data for free via third party applications.
But if he is repealed, he will open the door to banks like JPMorgan to put high costs on this access, which is essential for consumers and data aggregators (like Plaid).
Naturally, Winklevoss condemned JPMorgan’s decision as a clear case of regulatory capture and an attack on consumer rights.
JPMorgan defends himself
JPMorgan, however, defended this decision, the spokesperson Pusateri declaring that the new costs aim to limit the overwhelming volume of data requests made by Fintech companies, most of which, according to the bank, are not directly linked to the actual activity of consumers.
In conversation with Forbes, Pusateri note,
“We receive nearly two billion monthly customer data requests from intermediaries, and more than 90% of them are not linked to a consumer using Fintech services.”
Critics, including Winklevoss, have described this as regulatory capture manual – where large banks influence the rules to limit competition.
Winklevoss Slame “Anti-Crypto Agenda” by Dimon “
While JPMorgan says that new costs are necessary to limit excessive data requests, criticism see it as part of a broader attempt in traditional finance to tighten its grip on the evolving financial ecosystem.
Noticing on the same, Winklevoss added,
“Jamie Dimon and her friends are trying to undermine President Trump’s mandate to make America professional innovation and the world capital of cryptography. We must fight back!”
He also suggested that the recent Bank’s gemini leave may have been reprisals for his frank criticisms.
However, he remains firm in his position, promising to continue to repel what he considers as anti -competitive practices.
He said,
“Sorry Jamie Dimon, we are not going to remain silent. We will continue to call this anti -competitive behavior and in search of rents and an immoral attempt to go bankrupt fintech and crypto societies.”
JPMorgan’s Pro-Crypto movement
Interestingly, while fighting fintech on data access, JPMorgan has taken measures towards the adoption of cryptography.
The reports suggest that the bank plans to issue loans supported by customer participations, indicating a more complex approach than the opposition in its own right.
