TLDR
- Tyler Winklevoss criticized JPMorgan for proposing high data access fees that could hurt crypto and fintech firms.
- JPMorgan defended the fees by claiming most data requests from fintechs are not tied to actual customer activity.
- The proposed charges could affect companies like Plaid that link bank accounts to crypto platforms such as Gemini.
- Winklevoss accused JPMorgan of using regulatory influence to limit competition and block innovation in the financial sector.
- Despite attacking crypto data access, JPMorgan is reportedly planning to offer loans backed by digital assets.
JPMorgan Chase’s proposal to charge fees for consumer data access has intensified the ongoing clash with fintech and crypto firms. Tyler Winklevoss has accused the bank of undermining innovation by targeting platforms like Gemini, Coinbase, and Kraken. The debate centers around consumer rights, data access, and financial market competition.
Winklevoss Accuses JPMorgan of Anti-Crypto Agenda
Winklevoss criticized JPMorgan for what he described as an attempt to block crypto firms from accessing critical financial data. He pointed to JPMorgan’s proposed fees as a deliberate strategy to disrupt the services provided by fintech aggregators. These platforms connect users to apps using their banking information to power crypto transactions.
JPMorgan and the banksters are trying to kill fintech and crypto companies. They want to take away your right to access your banking data for FREE via-third party apps like @Plaid and instead charge you and fintechs exorbitant fees to access YOUR DATA. This will bankrupt fintechs… pic.twitter.com/LpDVGXVrKq
— Tyler Winklevoss (@tyler) July 20, 2025
The Consumer Financial Protection Bureau’s Open Banking Rule currently protects users’ right to share data freely with third-party apps. However, the rule could be repealed, which would allow banks like JPMorgan to impose high data access charges. Winklevoss claims this would harm competition and suppress consumer choice.
He also alleged that JPMorgan’s approach signals a broader effort to maintain control over financial infrastructure. In his view, the fees serve as a mechanism to suppress disruptive technologies. He sees the move as regulatory capture intended to slow innovation in favor of legacy institutions.
JPMorgan Defends Strategy, But Winklevoss Doubles Down
JPMorgan defended its stance by arguing that most data requests from fintechs do not result from real customer actions. A spokesperson said nearly two billion data requests come in monthly, but more than 90 percent are not tied to actual user activity. The bank insists the new fees are needed to limit unnecessary requests that strain its systems.
Despite this explanation, Winklevoss remains unconvinced and has increased his criticism. He warned that these charges would block data aggregators like Plaid, harming the crypto ecosystem. He believes the plan targets companies that rely on such access to offer crypto services.
Winklevoss suggested JPMorgan retaliated against Gemini by recently ending its banking relationship with the company. He sees the move as punishment for his vocal opposition. Still, he emphasized that Gemini will continue to resist practices that limit fair market access.
Winklevoss stated that he would continue calling out what he sees as JPMorgan’s anti-competitive behavior. He has positioned himself as a defender of open finance and innovation in the face of pressure from the banking industry. The debate has also drawn concern from other fintech and crypto leaders.
