Pressure will put pressure on consumer banks’ data as big banks freeze crypto partnerships and raise urgent questions about access, competition and fintech innovation.
jpmorgan causes crypto-rising noise when suddenly frozen on Gemini playback board
Large banks are putting pressure on fintech and crypto companies as they work to restrict free access to consumers’ bank data, potentially reshaping the future of open finance. Tyler Winklevoss, co-founder of Crypto Exchange Gemini, revealed on social media platform X on July 25 that JPMorgan Chase had suspended plans to revive Gemini as a client following outspoken criticism of the bank. He said:
This week, JPMorgan said it was pausing Gemini’s reboot as a customer after turning off us during the Chokepoint 2.0 operation.
“They want us to remain silent while we are quietly trying to steal your rights to have free access to your bank data through third-party fintechs like plaid,” he continued. Winklevoss described the move as part of a broader campaign by traditional banks to undermine consumer data rights and undermine financial technology innovation.
He pledged to stand up to the large banks for what he considers protectionist tactics. To Jamie Dimon, CEO of JPMorgan, Winklevoss said: “Sorry, Jamie Dimon, we are not silent. We are trying to bankrupt fintech and crypto companies with this anti-competitive, rent-seeking action and immoral attempt.
Chokepoint 2.0 operations refer to a continuing commitment to legal but “adverse” industries, particularly encryption. Despite several official statements that suggest an end, critics point to informal regulatory pressures. Efforts to stop it include oversight of Congress, suggesting legislation for fair bank access, and seeking greater transparency from regulators.
Gemini’s co-founder accused JPMorgan and other agencies of trying to charge sudden charges on the FinTech platform, which makes it easier to access bank data. These platforms allow users to link their bank accounts to crypto exchanges. This is an important step in funding the purchase of Bitcoin and other digital assets.
He warned:
JP Morgan and the bankers are trying to kill Fintech and crypto companies. They want to take away your bank data from the right to access 3 party apps for free for free.
“This will bankrupt Fintech, which helps you link your bank account to crypto companies like Gemini, Coinbase, and Kraken, so you can easily fund your account with Fiat to buy Bitcoin and crypto,” he emphasized.
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