Tyler Winklevoss has accused JPMorgan of suspending negotiations to restore banking services for Gemini following his public criticism of the banking institution. According to Winklevoss, this action came just after he sent out a tweet denouncing major banks for resisting open banking reforms, leading him to suspect that the timing was not coincidental.

“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… link” — Tyler Winklevoss (@tyler) source July 25, 2025

A Tweet That Changed Everything

On July 19, Winklevoss alleged that the banking sector was attempting to undermine the Consumer Financial Protection Bureau’s Open Banking Rule. He stated that banks are blocking consumers from sharing their data through platforms like Plaid. Following his remarks, negotiations for Gemini’s re-onboarding with JPMorgan reportedly came to a halt, which Winklevoss interpreted as a retaliatory measure.

Winklevoss Calls Out JPMorgan Over Banking Backlash

What’s at Stake for Users and Fintechs

The contested open banking rule, falling under Section 1033 of the Consumer Financial Protection Act, aims to give consumers authority over their financial data, allowing them to share it with chosen applications and services. Winklevoss contends that banks are trying to convert this into a pay-to-play scenario through additional fees, which would adversely affect smaller fintech firms and crypto platforms reliant on seamless fiat-to-crypto transactions.

Is This About Money or Power?

Winklevoss has not held back on expressing that the banks’ opposition is a means of preserving their gatekeeping role in the finance industry. He perceives it as being less about cost recovery and more about maintaining control over consumer data. He cautioned that banks are not only lobbying against these rules but are also pursuing legal actions aimed at delaying or undermining the reforms altogether.

Others in the Industry Back Him Up

Winklevoss is not alone in sounding the alarm. Arjun Sethi, Co-CEO of Kraken, expressed his own concerns, stating that banks are treating user data access as a tradable commodity which could confine users within isolated systems. Likewise, Nic Carter linked the entire situation to what is termed as Operation Choke Point 2.0, which sees crypto enterprises losing banking access without any transparent justification.

Gemini’s Banking History and Workarounds

Historically, Gemini had a connection with JPMorgan until regulators pushed banks to withdraw from crypto entities during 2023 and early 2024. Post-regulation, the company has been searching for alternative banking partners. This is not the first time the Winklevoss twins have faced such obstacles; they previously tackled debanking issues by expanding internationally and developing various payment systems.

JPMorgan’s Silence Says a Lot

Currently, JPMorgan has not provided public comments on Winklevoss’s allegations. In previous instances, JPMorgan has justified its fees for data access, with CEO Jamie Dimon being notably skeptical towards cryptocurrency. It remains to be seen whether the halt in discussions is personal, political, or procedural, but JPMorgan has opted for silence at this time.

This situation encapsulates a larger conflict over who controls financial data and if the establishment of fees becomes prevalent, new entrants may struggle to compete, and users may face increased barriers in connecting their bank accounts to the services they prefer. The resolution of this dispute has the potential to significantly influence the future of open banking in the U.S. for several years to come.

Key Takeaways

• Tyler Winklevoss asserts that JPMorgan halted discussions with Gemini following his criticism of banks obstructing open banking regulations.
• The controversy centers around Section 1033, granting consumers authority over their financial data and facilitating sharing with applications.
• Winklevoss and others claim banks aim to impose fees for data access, creating barriers for fintechs and crypto platforms.
• Industry figures like Arjun Sethi and Nic Carter argue this reflects a broader initiative to restrict crypto banking access.
• JPMorgan has not issued any public responses, revealing the increasing friction between traditional financial institutions and cryptocurrency companies.