Gemini co-founder and CEO Tyler Winklevoss has accused JPMorgan Chase & Co. of pausing the onboarding process of the crypto exchange as a customer following his recent criticism of the bank’s operations. This development marks the latest update to a rapidly developing case between one of the crypto industry’s key players and the largest bank in the US.
Winklevoss explains that the “Open Banking Rule” under Section 1033 of the Consumer Financial Protection Act still granted all users the right to freely access their banking information through a third party, hinting that JPMorgan’s new policy violates the law.
The Gemini co-founder said:
My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your right to access YOUR banking data for free through third-party fintechs like @Plaid.
The American bank explains:
We receive nearly two billion monthly requests for customer data from middlemen, and more than 90 percent of those are unrelated to a consumer using fintech services. Having a charging structure will ensure that data is provided only when customers request it, and that data middlemen are fostering a safe, secure data ecosystem that system we built and maintain—and that their entire industry was built upon.”
Following this development, crypto enthusiasts now continue to await further updates on the case, especially considering US President Donald Trump’s focus on building a pro-crypto business environment.
At the time of writing, the total crypto market cap remains valued at $3.84 trillion following a 1.78% gain in the past 24 hours.
