Winklevoss Accuses JPMorgan of Retaliation Over Open Banking Criticism

Tyler Winklevoss claims JPMorgan Chase abruptly halted Gemini's re-onboarding process following his public critique of major banks' opposition to open banking reforms. The Winklevoss co-founder alleges the bank's decision came days after his July 19 tweet accusing financial institutions of undermining the Consumer Financial Protection Bureau's Section 1033 rule, which empowers consumers to share financial data with third-party platforms.

The confrontation highlights growing tensions between crypto firms and traditional banks over data sovereignty. Winklevoss framed JPMorgan's move as punitive, stating the bank demanded silence while allegedly participating in 'Operation ChokePoint 2.0' - a reference to alleged banking restrictions on crypto businesses. At stake is the foundational principle of open banking: whether consumers control their financial data or if banks can monetize access through paywalls.