Latest news with #Winklevoss
Time of India
4 days ago
- 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
Yahoo
7 days ago
- Business
- Yahoo
Trump signs Genius Act as banks eye stablecoin market
US President Donald Trump signed the Genius Act on Friday, paving the way for the world's largest financial institutions to issue their own stablecoins. The Genius Act is the first crypto bill signed into law in the US. It is also the first of two major crypto bills the president has urged Congress to pass this year. The other, a so-called market structure bill known as the Clarity Act, passed the House of Representatives with significant bipartisan support on Thursday. It now heads to the Senate, where lawmakers can suggest changes or file their own market structure legislation. But the Genius Act fared even better, with nearly one out of every three 'yes' votes coming from House Democrats. 'This is not just, 'Republicans control Congress, and so they're doing this,'' John McCarthy, general counsel at Morpho, told DL News. 'These bills are passing with broad, bipartisan support. But with a whole lot more support than I think anybody was expecting.' The president, who has made crypto one of the legislative priorities of his second term, took a victory lap on Friday. 'It's a very important act, the Genius Act. They named it after me,' he said. 'This afternoon we take a giant step to cement American dominance of global finance and crypto technology.' Several crypto executives attended the bill's signing, including Tyler and Cameron Winklevoss, the co-founders of Gemini; Jeremy Allaire, the CEO of Circle; Brian Armstrong, the CEO of Coinbase; and Paolo Ardoino, the CEO of the world's largest stablecoin issuer, Tether. 'The passage of the GENIUS Act represents an important step toward establishing a clear regulatory foundation for the digital asset industry in the United States,' Ardoino said in a statement. 'Stablecoins have become essential infrastructure in global markets, powering dollar access, enhancing cross-border settlements, and strengthening financial resilience.' What's in the bill? Stablecoins are crypto assets designed to hold a fixed value over time. The vast majority are pegged to the US dollar and backed by US Treasuries. The market value of all stablecoins has grown more than 59% over the past year to $260 billion, according to DefiLlama data. The Genius Act sets rules and regulations for the issuers of US dollar-backed stablecoins. And that means some of the world's largest companies can get in the game. 'They need to have certainty around how, in this case, the asset they're going to issue will be treated,' McCarthy said. 'Prior to this, it wasn't even clear that a stablecoin is not a security. … It was too big a risk for almost all of the large financial institutions.' The law permits banks and other entities to issue stablecoins, provided they meet specific requirements. That includes backing the stablecoins with highly liquid assets such as US Treasuries, providing monthly disclosure of their reserves, and retaining the ability to freeze tokens at the request of law enforcement. Matt Hougan, the chief investment officer at crypto firm Bitwise, has predicted approval of the Genius Act will trigger a 10-fold spike in the stablecoin market. 'Close your eyes and imagine a world where JPMorgan and Bank of America issue stablecoins, where Amazon gives you a 2% discount if you buy using stablecoins instead of Visa, and where it's as common to accept stablecoins as it is to accept Venmo or PayPal,' he wrote in May. Executives at Bank of America, Citigroup, and JPMorgan Chase have said their banks are considering issuing stablecoins, Reuters reported this week. Last month, The Wall Street Journal reported Walmart and Amazon were exploring issuing their own stablecoins, and Fortune reported Apple, X, AirBnb, and Google were considering integrating stablecoins into their platforms. Lingering concerns The Genius Act addressed the biggest issue facing stablecoins, according to Jennifer Schulp, director of financial regulation studies at the libertarian Cato Institute: the possibility that they lose their peg to the US dollar, leaving investors underwater. 'Average consumers and people may end up benefiting from stablecoins regardless of whether they themselves are using them, because it might drive competition in the payment space,' she told DL News. But the bill has its flaws, she said. 'It goes beyond those simple risk mitigation measures and treats stablecoin issuers a bit more like banks than I would appreciate,' she said. On the other side of the ideological spectrum, many Congressional Democrats said the Genius Act doesn't go far enough when it comes to protecting consumers or limiting stablecoins' appeal to cybercriminals. Despite the Genius Act's strong bipartisan showing on Thursday, most House Democrats voted against the bill. The Genius Act 'ties stablecoins into our financial system, but without the safeguards that are required by banks and investment companies,' Representative Sean Casten, a Democrat from Illinois, said Thursday. 'It allows issuers to cherry pick the lightest-touch regulator between the federal government and any of the 50 states.' He also cited an issue raised by Georgetown Law professor Adam Levitin, who recently argued the law is 'subsidising stablecoin issuance on the back of bank deposits.' While the law is expected to benefit traditional financial institutions, it could give decentralised finance a boost as well. 'It's going to increase liquidity across DeFi platforms and reinforce their value proposition as reliable financial infrastructure,' McCarthy said. 'We see an increasing number of people who, rather than go to a bank or somewhere else to lend their money, are doing it through DeFi. And the big blocker to that is always liquidity.' Aleks Gilbert is DL News' New York-based DeFi correspondent. You can reach him at aleks@
CNA
21-07-2025
- Business
- CNA
Crypto custody startup BitGo confidentially files for US IPO
BitGo, a provider of trust and security services for digital assets, said on Monday it has confidentially filed for a U.S. listing, as crypto firms race to capitalize on renewed market momentum. Several high-profile companies, including those in riskier sectors like crypto and fintech, have launched successful listings in recent weeks, signaling pent-up demand and a rebound in capital markets activity. BitGo's announcement follows the crypto sector's market value hitting $4 trillion last week, driven by a wave of corporate treasury adoption, regulatory clarity in key markets, and rising institutional inflows. Last week, U.S. President Donald Trump signed a law to create a regulatory regime for dollar-pegged cryptocurrencies called stablecoins, potentially allowing the digital assets to become an everyday way to make payments and move money. Bitcoin, the world's largest and best-known cryptocurrency, recently breached the $120,000 mark. It is up 26 per cent so far in 2025, while ether, the second-largest, has gained about 14 per cent. The sector's rapid ascent has opened the floodgates for IPO filings. Crypto-focused asset manager Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, have also confidentially filed to go public in recent weeks. The number of shares to be offered and the price range for the proposed initial public offering have not yet been determined, BitGo said. The Palo Alto, California-based company had raised $100 million at a $1.75 billion valuation in August 2023. Founded in 2013, BitGo is one of the largest crypto custody firms based in the U.S. These companies store and protect digital assets on behalf of clients, a role that has become increasingly important as institutional interest in crypto rises.
Reuters
21-07-2025
- Business
- Reuters
Crypto custody startup BitGo confidentially files for US IPO
July 21 (Reuters) - BitGo, a provider of trust and security services for digital assets, said on Monday it has confidentially filed for a U.S. listing, as crypto firms race to capitalize on renewed market momentum. Several high-profile companies, including those in riskier sectors like crypto and fintech, have launched successful listings in recent weeks, signaling pent-up demand and a rebound in capital markets activity. BitGo's announcement follows the crypto sector's market value hitting $4 trillion last week, driven by a wave of corporate treasury adoption, regulatory clarity in key markets, and rising institutional inflows. Last week, U.S. President Donald Trump signed a law to create a regulatory regime for dollar-pegged cryptocurrencies called stablecoins, potentially allowing the digital assets to become an everyday way to make payments and move money. Bitcoin, the world's largest and best-known cryptocurrency, recently breached the $120,000 mark. It is up 26% so far in 2025, while ether, the second-largest, has gained about 14%. The sector's rapid ascent has opened the floodgates for IPO filings. Crypto-focused asset manager Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, have also confidentially filed to go public in recent weeks. The number of shares to be offered and the price range for the proposed initial public offering have not yet been determined, BitGo said. The Palo Alto, California-based company had raised $100 million at a $1.75 billion valuation in August 2023. Founded in 2013, BitGo is one of the largest crypto custody firms based in the U.S. These companies store and protect digital assets on behalf of clients, a role that has become increasingly important as institutional interest in crypto rises. Firms like BitGo have become key players by offering secure storage, helping clients meet regulatory requirements, and safeguarding assets against theft or loss.
Yahoo
14-07-2025
- Business
- Yahoo
Crypto asset manager Grayscale files confidentially for US IPO
(Bloomberg) — Grayscale Investments LLC (GBTC) has filed confidentially for a US initial public offering, the latest cryptocurrency-related company to tap public markets with digital assets led by Bitcoin hitting record highs. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests The crypto asset manager on Monday announced that it had submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. The number of shares to be registered as well as the price range have not yet been determined, the company said. Founded in 2013, Grayscale launched the first publicly-traded Bitcoin fund and the first Ethereum investment fund. The company now has more than $33 billion in assets under management and more than three dozen products, according to its website. Grayscale declined to comment, citing a regulatory quiet period due to the active filing and pointed to its press release published earlier Monday. The move comes a few months after Gemini, the crypto firm backed by the billionaire Winklevoss twins, filed confidentially for an IPO. It also comes after the frenzied debut of stablecoin issuer Circle Internet Group Inc. in June, further cementing crypto technologies into mainstream finance. Circle's $1.1 billion IPO has been the highest-profile crypto debut since Coinbase Global Inc. went public in a 2021 direct listing. Companies typically pursue confidential IPO filings to maintain greater control over the process and limit reputational risk. This approach allows them to engage with regulators and respond to SEC feedback without public scrutiny. Publicly announcing a confidential filing, on the other hand, can serve strategic purposes such as building market momentum and gauging investor interest. Grayscale is known for being one of the key factors in getting spot-Bitcoin exchange-traded funds approved in the US. The firm, a unit of Digital Currency Group and a part of the conglomerate built by billionaire investor Barry Silbert, in 2023 scored a legal victory in federal court with its bid to turn its Grayscale Bitcoin Trust into the first US ETF that would invest directly in the largest digital coin. Months later, a dozen spot-Bitcoin ETFs were launched including those by BlackRock Inc (BLK) and Fidelity Investments Inc. The $21 billion Grayscale Bitcoin Trust ETF has now been eclipsed by BlackRock's iShares Bitcoin Trust ETF (IBIT), which has three times the amount assets. Whereas GBTC has a 1.5% expense ratio, IBIT just has 0.25%. This year, Bitcoin has notched multiple records — now at the $120,000 for the first time on rising investor enthusiasm as the US House of Representatives prepares to consider key industry legislation during its 'Crypto Week.' The prospect of a clear US regulatory framework, along with Bitcoin's steady advance in the face of President Donald Trump's chaotic trade policy, has bolstered confidence in the asset class among institutional investors. The company is expected to go public later this year based on typical IPO timelines, though the exact timing will depend on market conditions and remains subject to change. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Trade War? No Problem—If You Run a Trade School ©2025 Bloomberg L.P.
