Winklevoss Calls Out JPMorgan Over Banking Backlash

Tyler Winklevoss says JPMorgan hit pause on Gemini’s attempt to restore banking access after he publicly criticized the bank. According to him, the decision came shortly after he posted a tweet calling out major banks for fighting against open banking reforms. He believes the timing wasn’t a coincidence.

https://twitter.com/tyler/status/1948815012488995001?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank

A Tweet That Changed Everything

On July 19, Winklevoss accused the banking industry of trying to gut the Consumer Financial Protection Bureau’s Open Banking Rule. He argued that banks were attempting to block consumers from sharing their own data through platforms like Plaid. Shortly after airing his views, Gemini’s re-onboarding talks with JPMorgan reportedly stalled. Winklevoss saw it as punishment for speaking out.

What’s at Stake for Users and Fintechs

The open banking rule in question falls under Section 1033 of the Consumer Financial Protection Act. It aims to give consumers control over their financial data and allow them to share it with apps and services they choose. Winklevoss argues that banks are trying to turn this into a pay-to-play model by adding fees, which would hurt smaller fintechs and crypto platforms that depend on smooth fiat-to-crypto transfers.

Is This About Money or Power?

Winklevoss didn’t hold back. He framed the banks’ resistance as a way to protect their gatekeeper role in the financial system. In his view, it’s less about covering costs and more about keeping control over data. He warned that banks are pushing back not just through lobbying but through legal action aimed at delaying or weakening the rule entirely.

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Others in the Industry Back Him Up

He’s not the only one sounding the alarm. Arjun Sethi, Kraken’s co-CEO, weighed in with his own criticism. He said banks are treating access to user data like a product to be sold, which could lock people into walled gardens. Nic Carter also chimed in, tying the whole situation to what’s often called Operation Choke Point 2.0, where crypto companies lose banking access without a clear explanation.

Gemini’s Banking History and Workarounds

Gemini had a relationship with JPMorgan before regulators began pressing banks to distance themselves from crypto firms in 2023 and early 2024. Since then, the company has been seeking alternative banking partners. This wouldn’t be the first time the Winklevoss twins had to pivot. They’ve dealt with debanking issues before and responded by expanding internationally and building out different payment rails.

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JPMorgan’s Silence Says a Lot

The bank hasn’t commented publicly on Winklevoss’s claim. In the past, JPMorgan has defended charging fees for access to its data infrastructure, and CEO Jamie Dimon hasn’t exactly been shy about his distrust of crypto. Whether the pause in discussions was personal, political, or procedural, JPMorgan is keeping quiet for now.

This is part of a wider fight over who gets to control financial data. If fees become the norm, it could make it harder for new players to compete, and for users to freely connect their bank accounts to the services they want. The outcome of this conflict could shape the future of open banking in the U.S. for years to come.

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