Tyler Winklevos accused JP Morgan Chase of stopping his crypto company Gemini’s efforts to board after publicly criticizing the bank with X.
comment It came on July 19th, shortly after Bloomberg reported that JPMorgan had decided to start billing fintech companies to access users’ bank data. Tyler said the new policy would financially destroy fintech, which will help people link bank accounts to platforms like Gemini.
Tyler tagged bank chief executive Jamie Dimon’s post and took X’s frustration. “Sorry, Jamie Dimon, we’re not going to remain silent,” Tyler said. I wrote it. “We continue to call for this anti-competitive, rent-seeking action and immoral attempts to bring fintech and crypto companies to bankrupt.
The complaints were not just about the fees. Tyler argued that JPMorgan’s response to his post was to completely pause Gemini’s onboarding process. The decision, he said, was a deliberate act of retaliation. And this isn’t the first time that this has happened.
Jpmorgan dropped Gemini before Trump backed the code
A few years before Trump’s crypto-friendly approach took hold, JPMorgan had already told Gemini to find another bank. The company deemed Gemini at the time unprofitable and abandoned it. Tyler points out that this long-standing friction is now resurfaced, this time again under a variety of circumstances, shortly after he publicly criticized.
Tyler and his twin brother, Cameron Winclevoss, both supported Donald Trump’s final campaign. In 2025, they also attended multiple White House events during Trump’s current term. This new access to Washington comes as his administration supports policies that reduce regulatory pressure on crypto companies.
Tyler’s comments were dull, but they were not unexpected at all. Jamie Dimon has built a reputation for destroying codes over the years. In the past, he called Bitcoin a “scam” and told news outlets that if JPMorgan traders buy Bitcoin they would be fired. He also labeled the asset class as useful only for criminals.
But in an astonishing turn, JPMorgan is now about to enter crypto loans.
JPMorgan quietly prepares crypto loan plans
Even if Tyler blows up the bank for hurting a crypto company, JPMorgan is reportedly preparing to provide crypto-assisted loans. The bank plans to start direct loans to Bitcoin and ether as soon as next year. This plan involves using Crypto as collateral. This is something that most traditional banks, including Goldman Sachs, have yet to do.
Banks have already lending to crypto ETFs, and this is the next step. There has been no official announcement, but Dimon’s public tone has changed. In May, he said, “I don’t think you should smoke, but I defend your right to smoking. I defend the right to buy Bitcoin. I’ll go for it.” That was a dramatic change from his old stance.
JPMorgan’s internal pivot may be due to alienation from wealthy clients who have built their portfolios through crypto. Tyler believes that the current approach will charge FinTech for access to bank data, indicating that banks still don’t want crypto companies in their space, particularly those that criticize their policies.
Gemini doesn’t stand still. Earlier this year, the company said it could list before the end of the year, according to how quickly the US Securities and Exchange Commission concludes its ongoing investigation. In January, Gemini settled on the Commodity Futures Trade Commission and agreed to pay $5 million.
Gemini was founded in 2015 by Tyler and Cameron after a legal battle over the origins of the social network with Facebook founder Mark Zuckerberg. Since then, they have built Gemini in one of the most famous crypto exchanges in the United States despite frequent regulatory battles and banking challenges.
Tyler’s accusations come at the moment when political sentiment in Washington actually changes for the first time. After years of uncertainty under Biden, crypto companies are gaining momentum. The US House of Representatives passed its first major cryptography to regulate stubcoins. Trump signed the bill the following day.
That change could open doors for crypto-focused financial products, even from banks like JPMorgan. But as far as Tyler is concerned, the fight is now about the bank silence their critics. And this time, the target is clear.
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