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Winklevoss criticizes JPMorgan's new data fees

Tyler Winklevoss accuses JPMorgan of harming fintech firms with new customer data fees.

July 27, 2025 at 05:03 PM

Winklevoss slams JPMorgan’s data fees, says 'They’re trying to kill crypto!'

Tyler Winklevoss accuses JPMorgan of anti-competitive practices aimed at crippling fintech firms.

Winklevoss condemns JPMorgan's fees as a threat to crypto innovation

Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, has publicly criticized JPMorgan Chase's decision to impose new fees for access to customer data, labeling the move as harmful to the fintech industry. Winklevoss argues that these fees will particularly impact companies like Plaid, which facilitate transactions between banks and cryptocurrency apps. He contends that this strategy is a deliberate effort by Jamie Dimon, CEO of JPMorgan, to undermine competition and innovation in the financial sector. While JPMorgan defends the fees as necessary to manage the overwhelming demand for data requests, critics see it as a tactic to monopolize the market.

Key Takeaways

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JPMorgan's new fees may harm fintech companies like Plaid.

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Winklevoss views these fees as anti-competitive.

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The Consumer Financial Protection Bureau's rules are currently protecting consumer data access.

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If the open banking rules change, banks could impose significant costs.

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Winklevoss accuses JPMorgan of regulatory capture.

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JPMorgan is simultaneously exploring crypto-backed loans.

"They’re trying to kill fintech and crypto companies."

Winklevoss highlights JPMorgan's move as an attack on the industry.

"We must fight back against anti-competitive practices."

Winklevoss calls for unity in defending consumer rights.

"We receive nearly two billion monthly requests for customer data from middlemen."

A JPMorgan spokesperson defends the new fees as necessary for data management.

"This is a textbook case of regulatory capture."

Winklevoss criticizes JPMorgan's influence over regulation to limit competition.

The clash between traditional banks and fintech firms highlights the growing tensions in the financial services industry. As fintech continues to challenge traditional banking models, banks like JPMorgan may feel threatened by the influx of innovative financial solutions. Winklevoss's remarks reflect a pivotal moment in this ongoing battle over control of consumer data, and his call to action underscores the importance of protecting consumer rights. The potential repeal of regulations that safeguard access to financial data could significantly shape the future landscape of both banking and cryptocurrency.