JPMorgan Chase Accused by Billionaire Winklevoss of Bankrupting Fintech and Crypto Firms - Understanding Their Alleged Motives
In the world of finance, a significant dispute between Gemini, a leading cryptocurrency exchange, and JPMorgan Chase has been escalating since early August. The feud, which shows no signs of resolution, revolves around contested data access fees.
On July 29, 2025, JPMorgan announced it would halt new account openings and terminate some banking relationships with Gemini. The bank, citing the need to manage data access costs and protect customer data security, framed its decisions as necessary to control expenses and safeguard data against unregulated intermediaries.
However, Gemini co-founder Tyler Winklevoss accuses JPMorgan of engaging in "egregious regulatory capture" to stifle fintech and crypto innovation. Winklevoss claims JPMorgan’s actions are retaliatory and anticompetitive, aimed at suppressing crypto fintechs. He believes the bank is trying to take away the right to access banking data for free through third-party fintechs like Plaid.
The broader context of this dispute reflects wider tension between traditional banks seeking to monetize infrastructure for data access and fintech/crypto platforms pushing for open banking models with free or affordable data connectivity to spur innovation. Regulatory battles over "Open Banking Rules" and data rights are ongoing, complicating resolution.
Meanwhile, the US government has also been hit by a 'viral' ATM glitch tied to a jobs youth program, resulting in a loss of $17,000,000 in just three days.
Elsewhere in the crypto sphere, Margex introduced a new market section for users, while Apu went live for trading on Hyperliquid. Pepe Dollar presale picked up pace as Ethereum hovered over $3,600, and Falcon Finance's USDf was listed on VOOI's Omnichain Perps and RWA Exchange. Hamieverse tapped Abstract to power its debut blockchain game and purpose-driven ecosystem.
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As the Gemini-JPMorgan dispute continues, Winklevoss has vowed to continue fighting for the rights of fintech and crypto companies. The outcome of this dispute could have significant implications for the future of data access in the crypto landscape.
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- The ongoing dispute between Gemini and JPMorgan Chase, rooted in contested data access fees, could potentially shape future data access policies in the cryptocurrency industry.
- In his efforts to combat what he sees as regulatory capture and anticompetitive practices, Gemini co-founder Tyler Winklevoss is advocating for free or affordable data connectivity within the fintech and crypto sectors, challenging the monetization strategies of traditional banks.
- Meanwhile, the industry is witnessing significant developments in the altcoin landscape, with Margex introducing a new market section, Apu going live for trading on Hyperliquid, and Pepe Dollar presale gaining traction, demonstrating the continuous growth and innovation within the blockchain and cryptocurrency sector.
