President Trump’s CFTC chair nominee Brian Quintenz alleged that Tyler Winklevoss attempted to derail his confirmation after Quintenz refused to promise favorable treatment regarding the exchange’s past litigation with the commission.

According to private text messages released by Quintenz on Sept. 10, Winklevoss shared Gemini’s 13-page complaint against the CFTC Inspector General in a July 2025 exchange.

He claimed the agency pursued “dubious false statements charges” and “selectively and unfairly weaponized” enforcement against the company.

Winklevoss described seven years of “lawfare trophy hunting” by the commission in the leaked messages.

Transparency claims

Winklevoss questioned why the CFTC sued Gemini rather than “parties that defrauded us of $10mil” or CBOE. He also questioned why the commission continued pursuing Gemini “after it knew its investigation was started based on a false whistleblower.”

Quintenz consistently refused to make specific commitments, stating that “any decision or response to your complaint should be made by and given the full weight of the confirmed chair.”

He committed only to addressing matters “fully and fairly if and when I am confirmed,” while emphasizing the importance of proper process.

Winklevoss then expressed disappointment that Quintenz hadn’t reviewed their complaint despite previous discussions.

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Additionally, the Gemini co-founder stressed that “cultural reform, which includes rectifying what happened to us, should be the highest priority” and urged Quintenz to align with President Donald Trump’s mandate to end regulatory warfare.

Quintenz explained his approach of waiting for confirmation before forming judgments. He added that he decided “to wait until I can get into the role to get that view as opposed to trying to get it now through current leadership.”

He described having “a very poor experience with that on every important issue or decision so far” when dealing with existing commission staff.

The message release comes two days before Gemini’s planned IPO on Sept. 12.

Quintenz claimed that Winklevoss contacted Trump in an effort to pause his confirmation for undisclosed reasons following their exchange.

He added that he disclosed the discussions with Winklevoss to protect the President from misinformation and demonstrate his commitment to transparency over personal advancement.

Mentioned in this article

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has lined up Nasdaq as a strategic investor as it prepares to go public in New York this week, Reuters reported on Sept. 9, citing people briefed on the matter.

According to the report, the share sale could raise up to $317 million, with Nasdaq expected to buy about $50 million of stock in a private placement at the time of the offering.

Gemini plans to trade under the ticker symbol “GEMI.”

The arrangement is more than financial and Nasdaq’s stake will be paired with a partnership giving its institutional clients access to Gemini’s custody and staking products. In return, Gemini customers will be able to use Nasdaq’s Calypso platform to track and manage collateral.

Neither Nasdaq nor Gemini commented on the details. Reuters noted that the exchange’s plans could still shift depending on market conditions.

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Riding a rebound in listings

The offering comes as U.S. equity markets show renewed demand for new deals, with tech and crypto-related companies drawing strong investor interest. A successful debut would make Gemini the third publicly traded exchange after Coinbase and Bullish.

Gemini currently holds about $21 billion in client assets and has processed more than $285 billion in trading volume. Its business spans retail and institutional services, an over-the-counter desk, a credit card and trading in major tokens including Bitcoin, Ethereum and stablecoins.

Financially, the company reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, widening from a $41.4 million loss a year earlier.

The Winklevoss twins, who first rose to prominence through their legal battle with Facebook, invested heavily in Bitcoin in the early 2010s and became known as the “Bitcoin twins.” Their bid to take Gemini public is testament to how deeply digital assets are now tied to Wall Street.

Mentioned in this article

Tyler Winklevos says Jpmorgan has paused Gemini After publicly criticizing the bank, they attempt to restore access to the bank. According to him, the decision came shortly after he posted the tweet. Call out Major Banks fight Open banking reform. He believes in timing It wasn’t By chance.

My tweets from last week have been a nervous one. This week, JPMorgan said it was pausing their playboards for that reason. @gemini Operations as a customer after turning off us during 2.0. They want us to remain silent while we quietly try to steal you… https://t.co/c9ls7qpamt

– Tyler Winclevos (@tyler) July 25th, 2025

Tweets that changed everything

On July 19, Winklevoss accused the banking industry of trying to block consumer financial protections Bureau Open banking rules. He claimed that the banks were trying to stop consumers from sharing them. My own Data via platforms such as Plaid. Immediately after he aired his opinion, Gemini Re-editing with JPMorgan reportedly has stagnated. Winklevoss saw it as a punishment for speaking up.

what At risk for users and fintech

The open banking rules in question fall under Section 1033 of the Consumer Financial Protection Act. They aim to control their financial data to consumers; Allow They share it with apps and services They choose. Winklevoss claims that the banks are try out In turn around This will be the payment model of by addition Fees, it would It hurts Smaller Fintech and Cryptographic Platforms Depend Above Smooth Transfer from Fiat to Crypto.

Is this about money and power?

Winklevoss I didn’t do it Keep it down. He framed bank Resistance as a way to protect the role of gatekeepers in the financial system. In his view, the Less about cost coverage and more about controlling data. He warned that banks were pushing back not only through lobbying but through legal measures aimed at delaying or undermining rules completely.

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Others in the industry will back him up

He is It’s not the only one that’s making the alarm sound. Arjun Seti, Kraken’s The CO-CEO weighed himself with him. My own Criticism. He said the banks handle access to user data like products. It’s on saleyou can lock people in a walled garden. Nic Carter also rang, tying the whole situation. what It is often referred to as Operation Choke Point 2.0. Clear explanation.

Gemini Bank History and Workarounds

Gemini had a connection with JP Morgan before regulators began pushing banks to distance themselves from crypto companies in 2023 and early 2024. Since then, the company has been seeking alternative bank partners. this I wouldn’t do that This is the first time Winclevos twins have had to pivot. They are We dealt with issues that have previously been removed, expanded internationally and addressed by building a variety of payment rails.

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jpmorgan’s Silence says a lot

bank it’s not I’ve commented publicly Winklevoss’s Claim. In the past, JPMorgan has defended billing fees for access to data infrastructure, and CEO Jamie Dimon it’s not He was truly shy about his distrust of code. Whether the debate suspends are personal, political or procedural, JP Morgan is quiet for now.

this teeth Part of the broader battle for who Get it To control financial data. If rates become standard, it can be difficult for new players to compete and make it difficult for users to freely connect to the services they wish to make in a bank account. The outcome of this conflict could shape the future of open banking in the United States for years to come.

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Gemini co‑founder Tyler Winklevoss said JPMorgan froze the crypto exchange’s effort to regain banking services after he accused “banksters” of trying to strangle fintech and crypto firms.

In a thread on July 25, Winklevoss claimed the bank told Gemini that his earlier tweet had prompted a pause in re‑onboarding, an effort underway since JPMorgan off‑boarded the company during what he calls “Operation Choke Point 2.0.” 

He added:

“They want us to stay silent while they quietly try to take away your right to access your banking data for free […] We will continue to call out this anti‑competitive, rent‑seeking behavior.”

The cause

The July 19 post that he said “struck a nerve” accused large banks of fighting the US Consumer Financial Protection Bureau’s (CFPB) open‑banking rule under Section 1033 of the Consumer Financial Protection Act. 

That rule, still being implemented, would guarantee consumers free third-party access to their account data through aggregators such as Plaid.

Plaid is a conduit many Americans use to connect their checking accounts with crypto platforms, including Gemini, Coinbase, and Kraken.

Winklevoss alleged that JPMorgan and other institutions want to replace free data feeds with “exorbitant fees,” a shift he warned would “bankrupt fintechs” and stifle the on‑ramp that lets retail customers fund crypto purchases with dollars.

Strangling the crypto industry

He framed the banks’ lawsuit against the CFPB as an example of “egregious regulatory capture” and cast the fight as a direct challenge to President Donald Trump’s stated goal of making the US “the crypto capital of the world.”

JPMorgan has not publicly addressed Winklevoss’s allegations.

Several exchanges lost long-standing accounts in 2023 and early 2024 amid heightened regulatory scrutiny, forcing them to seek new partners or international workarounds.

Gemini, which previously used JPMorgan for corporate banking, has been courting new and former providers as it expands its international derivatives venue and bids for broader US offerings.

Some crypto voices, such as CoinMetrics co-founder Nic Carter, link these actions to a series of enforcement actions by banking authorities under the former President Joe Biden administration, known as Operation Chokepoint 2.0.

Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill acknowledged a targeted effort from the agency towards “debanking” crypto firms. 

During a speech in January, he deemed such actions “unacceptable.”

Mentioned in this article

Gemini, a crypto exchange built by everyone’s favorite same twins, Cameron and Tyler Winclevos quietly took a big step towards the public. They filed confidentially for the IPO and once everything went well, we were able to quickly see Gemini trades on traditional stock exchanges.

Just the right time

To be honest, crypto companies haven’t always ridden the smoothest on the open market. But Gemini submissions come at a rather strategic moment. With Bitcoin over $70,000 and Ethereum back in green, the general mood of Crypto Land is cautiously optimistic. Even in the landscape of regulation, meanwhile Still bumpy, I feel it a bit It’s less hostile than it was a year ago.

Winklevoss Twins ‘Crypto Firm Gemini IPO https://t.co/tdeis5qcmm confidential file

– CNBC (@cnbc) June 6, 2025

Instead of airing Outside Their finances from the beginning, Gemini I went Confidential root. This allows you to test the water and adjust things behind the scenes before you fully commit. This is a move that many well-known companies have used to avoid investor sports when the market changes.

What Gemini brings to the table

The Gemini, released in 2014, is more than just a crypto exchange. Winklevoss Brothers tried to draw it as a clean, buttoned alternative Wild West of digital assets. This was one of the few platforms I lean out Regulations boasting a reputation for New York’s licenses, SOC audits and security.

Gemini offers crypto trading, staking, custody services, and even Crypto Rewards credit cards. Over the years, I’ve played games that are more conservative than my competitors like Binance and FTX, but that’s appealing to some institutional investors.

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Why this IPO is important

The circle has pulled away from its own IPO with a flashy debut, but now it appears Gemini is ready to follow suit. If Gemini is landing, it could indicate that a crypto company focused on compliance and infrastructure is back to the good bounty of Wall Street.

This could also encourage others in the space to test the water. Companies like Kraken and Opensea have been thinking about flirting in the open market for many years. The successful Gemini Poe is a victory for the twins and the green light for the next wave of crypto companies looking to listings.

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What is the catch?

Crypto companies are still facing scrutiny while things look up. Gemini has had their own brawls with regulators for the past year, especially with regard to the now-deprecated acquisition program. but that It looks like Most of these legal clouds are cleared.

It is also worth remembering that code sentiment can be reversed quickly. If a market tank or lawmaker decides to tighten the rope, its IPO window may close. Gemini takes the calculated risk here, betting that demand for crypto exposure in the stock market is still strong.

Final Thoughts

Winklevoss Twins has created a name bring the action Facebook doubled Bitcoin when most people thought it was a joke. Now they want to bring Gemini to the public, and they do it quietly but intentionally. If they pull it off, it will be another milestone in the crypto march to mainstream finances, but only this time, suits and ties.

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