출처: Block Media
Gemini Co-Founder Tyler Winklevoss Accuses JPMorgan Chase of Blocking Digital Progress and Open Banking
Gemini's Tyler Winklevoss Calls Out Alleged Anti-Crypto Actions by JPMorgan and Wall Street
On October 20, Tyler Winklevoss, co-founder of leading digital asset exchange Gemini, made waves on social media platform X by accusing JPMorgan Chase and other Wall Street heavyweights of deliberately undermining digital assets and open banking innovation. According to a Cryptopolitan report, Winklevoss criticized JPMorgan for attempting to restrict customers' access to their financial data while imposing exorbitant fees on financial services, a move he equated to stifling competition in the digital financial ecosystem.
Winklevoss highlighted that JPMorgan is allegedly working to disrupt the critical link between fiat-based banking accounts and cryptocurrency wallets. He further claimed that the bank is obstructing funds transfers between its accounts and major cryptocurrency exchanges like Gemini, Coinbase, and Kraken.
Expanding further, he asserted that this systematic effort also extends to fintech platforms—such as Plaid—and services built on open banking principles outlined in Section 1033 of the U.S. Consumer Financial Protection Act. Winklevoss warned that these actions, if successfully executed, could isolate users from their digital assets, thereby limiting access and adoption in the crypto space.
Wall Street's Alleged Battle Against Open Banking Regulations
Winklevoss continued his critique by accusing JPMorgan of actively working to dismantle open banking rules and regulations. The bank, according to his claims, has filed lawsuits targeting the Consumer Financial Protection Bureau (CFPB) to weaken users' rights and strip individuals of free access to their banking data.
These allegations point to legal battles that could have far-reaching ramifications for open banking, potentially limiting customers' ability to easily interact with their financial information and execute transactions in the digital economy.
Impact on Fintech Innovation and Small Crypto Businesses
In a similar vein, JPMorgan recently announced its intent to charge fintech companies fees for accessing account data through intermediaries such as Plaid and MX. This new fee structure would require these platforms to pay significant tolls anytime customers transfer funds from JPMorgan accounts to digital asset platforms like Coinbase or Kraken.
These fees have raised alarms in the fintech sector, with many industry insiders predicting severe consequences. Smaller fintech startups and digital asset firms, which often operate with tight margins, could be disproportionately affected by the costs, making it unsustainable to integrate JPMorgan-backed services. Some experts have voiced concerns that these fees could even surpass the cumulative profits earned by small startups over multiple years. This financial strain might force certain firms out of the market, particularly those relying on JPMorgan account access for customer transactions.
Kraken's co-CEO, Arjun Sethi, echoed these concerns in his own criticism of JPMorgan’s stance, accusing the bank of exploiting customer data for profit. "When customer data turns into a revenue stream, the natural instinct is to monopolize, fragment, and extract value from it," Sethi warned.
Jamie Dimon’s Approach to Fintech: Combative and Competitive
JPMorgan Chase CEO Jamie Dimon historically has taken an aggressive stance against fintech innovation, and his views are consistent today. Back in 2021, during an analyst call, Dimon underscored competitive tensions with fintech firms like Plaid by remarking, "Traditional banks should be very scared of fintech players." In his annual shareholder letter, he described the situation as a "war" against third-party data aggregators, emphasizing the need for banks to maintain ultimate control over customers' financial data.
Dimon's comments underline an effort by JPMorgan to safeguard traditional banking models, even as the broader financial ecosystem increasingly shifts toward decentralization and open banking solutions.
Strategic Stifling or Customer Protection? Diverging Views on JPMorgan’s Motives
Detractors argue that JPMorgan’s restrictive measures are less about safeguarding consumer interest and more about leveraging its massive market power to limit competition in both the digital asset and fintech sectors. Bernstein analyst Harshita Rawat highlighted that JPMorgan oversees approximately 20 million individual accounts. This vast customer base could face hurdles while trying to use fintech apps integrated with cryptocurrency exchanges due to the bank’s policies.
While some platforms—such as Venmo and Block (formerly Square)—may have brokered deals with JPMorgan to avoid the brunt of these new fees, smaller fintech players are already grappling with financial pressures. Many critics believe these measures signal JPMorgan’s broader strategy to restrict access to personal financial data, making it harder for users to engage with digital assets and elevate innovation in decentralized finance.
Conclusion: A Critical Crossroads for Open Banking and Digital Finance
The allegations by Tyler Winklevoss highlight a growing conflict between traditional banking institutions and emerging digital finance ecosystems. JPMorgan’s alleged strategies not only raise concerns about competition in the fintech sector but also pose a potential setback for open banking principles that prioritize user accessibility and transparency. As legal battles and regulatory conflicts heat up, the broader implications for digital finance, fintech startups, and consumer choice remain key areas to watch in the unfolding narrative of the industry’s evolution.
