Latest news with #OpenBankingRule
Yahoo
26-07-2025
- Business
- Yahoo
JPMorgan allegedly pauses Gemini onboarding after Winklevoss broadside, reigniting ‘Choke Point 2.0' feud
JPMorgan has reportedly paused plans to re-onboard Gemini as a client after co-founder Tyler Winklevoss publicly accused the bank of trying to 'kill fintech and crypto companies.' 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@
Time of India
26-07-2025
- Business
- Time of India
‘We will never stop fighting for…': Billionaire Tyler Winklevoss to JP Morgan CEO Jamie Dimon for ‘rejecting' his crypto exchange
Representative Image Billionaire co-founder of US-based cryptocurrency exchange Gemini, Tyler Winklevoss , has once again taken a dig at JPMorgan Chase. The latest jibe comes after JP Morgan allegedly paused the onboarding of his crypto exchange as a customer due to his recent public remarks against the bank on the social media platform X. All this started last week after Winklevoss shared a Bloomberg report that claimed JP Morgan has decided to start charging fintech companies for accessing its customers' bank account information. In this X post, the crypto billionaire shared his concern, noting that this action would 'bankrupt fintechs' that help consumers connect their bank accounts to exchanges like Gemini to purchase bitcoin and other cryptocurrencies. What Winklevoss said to JP Morgan Chase and CEO Jamie Dimon In his recent post, Winklevoss named JP Morgan's CEO Jamie Dimon and wrote: 'My tweet from last week struck a nerve. This week, JPMorgan told us that because of it, they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your right to access YOUR banking data for free through third-party fintechs like @Plaid. Sorry, Jamie Dimon, we're not going to stay silent. We will continue to call out this anti-competitive, rent-seeking behaviour and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for what is right! 🇺🇸' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Libas Purple Days Sale Libas Undo Last week, sharing the report revealing JP Morgan's decision to charge fintechs for its customer details, he wrote: '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 that help you link your bank accounts to crypto companies like @Gemini, @coinbase, and @krakenfx so you can easily fund your account w/ fiat to buy bitcoin and crypto. As of today, the 'Open Banking Rule' developed pursuant to Section 1033 of the Consumer Financial Protection Act gives you the right to access you banking data via 3rd party apps. The banksters are suing the CFPB to vacate the Open Banking Rule and end the open banking era. This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America. Jamie Dimon and his cronies are trying to undercut President Trump's mandate to make America the pro innovation and the crypto capital of the world. We must fight back! 🇺🇸' 7 Reasons that make Samsung GALAXY Z FLIP7 different from others AI Masterclass for Students. Upskill Young Ones Today!– Join Now
