Gemini co-founder Tyler Winklevoss has made serious accusations against banking giant JPMorgan, claiming the bank is trying to kill cryptocurrency companies.
Co-founder's Accusations
On the X platform, Tyler Winklevoss stated that JPMorgan is taking steps aimed at destroying cryptocurrency companies. This accusation follows a Bloomberg report that America’s largest bank plans to start charging fintech companies fees for access to their customers' account information.
Impact on Fintech Companies
Winklevoss argues that JPMorgan's new demands will lead to the collapse of fintech firms that serve as a foundational layer for many financial organizations. Major cryptocurrency exchanges like Gemini and Coinbase also rely on such services for funding user accounts.
Regulatory Disputes in the Banking Sector
Winklevoss also highlighted that the 'Open Banking Rule' allows access to financial data through third-party apps. However, the banking industry has initiated a legal battle against the Consumer Financial Protection Bureau (CFPB), arguing that this rule exceeds the agency's statutory authority. In May, the CFPB confirmed plans to eliminate the requirement to share data with third parties upon request.
In light of JPMorgan's initiatives and Winklevoss's response, the future of fintech companies and the cryptocurrency sector in the US raises serious concerns regarding regulatory pressure and access to banking data.
