Tensions between traditional banking and the crypto industry are flaring once again—this time over access to consumer financial data.
Gemini co-founder Tyler Winklevoss is accusing JPMorgan of attempting to cripple fintech and crypto platforms by introducing steep fees for data access.
The controversy erupted after reports revealed JPMorgan’s plan to charge third-party platforms, like Plaid and MX, for API usage that transfers bank data to external apps. Critics say the move threatens core services that let users link their bank accounts to crypto exchanges for fiat transfers.
Winklevoss warned that these fees could devastate smaller fintech players and make it harder for users to fund crypto accounts. He framed the issue as an assault on innovation and financial autonomy, drawing attention to the risk of putting basic digital access behind a paywall.
JPMorgan CEO Jamie Dimon defended the move, citing high infrastructure costs and arguing that third parties should contribute financially. But crypto advocates aren’t buying it. Attorney John Deaton blasted Dimon as a long-time crypto adversary, while David Sacks, a presidential crypto advisor, called the developments “concerning.”
The debate comes as legal challenges mount against a 2023 rule requiring banks to provide customer data to third parties for free. With that regulation now on shaky ground, JPMorgan’s fee-based model could become a dangerous precedent—especially for crypto exchanges that depend on frequent data transfers to streamline user onboarding.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/winklevoss-accuses-jpmorgan-of-sabotaging-fintech-innovation/