JPMorgan allegedly pauses Gemini onboarding after Winklevoss broadside, reigniting ‘Choke Point 2.0' feud
In a follow-up post on Saturday, Winklevoss said JPMorgan reversed course on its Gemini onboarding 'because of' his earlier tweet warning that big banks are pushing to overturn the Consumer Financial Protection Bureau's Open Banking Rule, finalised in late 2024.
The rule gives consumers the right to share their banking data freely through third-party platforms like Plaid — a core feature used to fund accounts at crypto exchanges, including Gemini, Coinbase, and Kraken.
'They want us to stay silent while they quietly try to take away your right to access your banking data for free,' Winklevoss wrote. 'Sorry, Jamie Dimon, we're not going to stay silent.'
And while 'Operation Choke Point 2.0' chatter dominated industry discourse earlier this year, the narrative has cooled as Trump-era reforms begin reshaping the regulatory landscape in crypto's favour.
Lawmakers began probing the matter earlier this year after the FDIC's new leadership acknowledged its prior stance likely contributed to a perception that it was 'closed for business' on blockchain.
Federal Reserve Chair Jerome Powell added weight to the concerns in March, stating: 'At least some of it is real. We need to understand it and stop it from happening.'
Ironically, JPMorgan itself has begun warming to crypto. The bank is exploring loans backed directly by crypto assets like Bitcoin, according to a Financial Times report last week.
It's a major contrast to CEO Jamie Dimon's earlier stance that Bitcoin was a 'fraud.'
Dimon has since softened his rhetoric, saying in May: 'I don't think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.'
Still, Winklevoss framed the bank's actions as anti-competitive and accused JPMorgan of trying to undermine the pro-crypto agenda of President Donald Trump.
'We will never stop fighting for what is right,' Winklevoss said.
Crypto market movers
Bitcoin has gained 1.6% over the past 24 hours and is trading at $117,560.
Ethereum is up 1.8% in the same period to $3,760.
What we're reading
Tornado Cash investor slams prosecutors eyeing 'unprecedented' new charges — DL News
The Base App vs. PumpFun — Milk Road
Hackers Steal $14 Million From WOO X — Unchained
Galaxy Digital moves $3.4bn in Bitcoin to exchanges as crypto markets cool — DL News
Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
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