Tyler Winklevoss says JPMorgan hit pause on Gemini’s try to revive banking entry after he publicly criticized the financial institution. Based on 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 advised us that due to it they had 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 attempt to remove your… https://t.co/c9Ls7QpAmT
— Tyler Winklevoss (@tyler) July 25, 2025
A Tweet That Modified Every little thing
On July 19, Winklevoss accused the banking business of making an attempt to intestine the Shopper Monetary Safety Bureau’s Open Banking Rule. He argued that banks had been trying to dam customers from sharing their personal knowledge by way of 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 customers management over their monetary knowledge and enable them to share it with apps and providers they select. Winklevoss argues that banks are making an attempt 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 method to defend their gatekeeper function within the monetary system. In his view, it’s much less about masking prices and extra about holding management over knowledge. He warned that banks are pushing again not simply by way of lobbying however by way of authorized motion geared toward delaying or weakening the rule fully.
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Others within the Business 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 knowledge like a product to be offered, which may lock folks into walled gardens. Nic Carter additionally chimed in, tying the entire scenario to what’s typically known as Operation Choke Level 2.0, the place crypto corporations lose banking entry with no clear clarification.
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 in search of 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. Up to now, JPMorgan has defended charging charges for entry to its knowledge 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 holding quiet for now.
This is a part of a wider battle over who will get to regulate monetary knowledge. If charges turn into the norm, it may make it more durable for brand spanking new gamers to compete, and for customers to freely join their financial institution accounts to the providers they need. The result of this battle may form the way forward for open banking within the U.S. for years to return.
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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 customers management over their monetary knowledge and lets them share it with apps.
Winklevoss and others declare banks wish to cost charges for knowledge entry, locking out fintechs and crypto platforms.
Business voices like Arjun Sethi and Nic Carter say this displays a wider push to restrict crypto entry to banking providers.
JPMorgan hasn’t responded publicly, however the standoff highlights rising rigidity between conventional finance and crypto companies.
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