JPMorgan vs. Gemini: The Billion-Dollar Crypto Turf War Unveiled

Wall Street meets crypto chaos—JPMorgan and Gemini Exchange are locked in a high-stakes power struggle. Here’s why it matters.

The Battle Lines Drawn

JPMorgan’s old-money muscle clashes with Gemini’s crypto-native agility. No handshakes here—just subpoenas and regulatory jabs.

Follow the Money (Or the Lack Thereof)

Insiders whisper about custody wars, tokenized assets, and who really controls the keys. Spoiler: banks hate losing control.

Cynical Take

Nothing unites trad-fi and crypto like fighting over the same pile of money—while pretending it’s about ‘innovation.’

JPMorgan has paused the process of re-onboarding Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss.

This occurred after Tyler criticized the bank’s position on consumer banking data access through third-party apps, such as Plaid.

JPMorgan and Gemini Tensions Rise Over Banking Data Access

According to reports, JPMorgan recently paused its re-onboarding of Gemini as a client.

This came after Gemini co-founder Tyler Winklevoss made a public post criticizing the bank’s actions regarding consumer data access.

He claimed that the MOVE to pause Gemini’s return was linked to a post he made on X a week earlier.

In that post, Winklevoss said JPMorgan and other large banks want to block users from accessing their banking data for free.

He said this WOULD hurt companies like Plaid. Plaid helps people link their bank accounts to apps such as Gemini, Coinbase, and Kraken.

These links facilitate the transfer of funds into and out of crypto platforms for users.

He accused JPMorgan of trying to charge high fees for that data, which could make it too costly for smaller tech companies to stay in business.

He said this would limit people’s ability to use crypto services and benefit large banks in the long run.

The timing of JPMorgan’s decision led the Winklevoss twins to suggest that the pause was a direct reaction to their post.

It is important to add that the bank has not made any public comments to confirm or deny this claim.

As mentioned on X, Tyler Winklevoss is directly accusing JPMorgan of anti-competitive behavior. This alone might attract regulatory scrutiny for the big bank.

The Open Banking Rule and the Fight Over Access

At the center of the issue is a rule known as the Open Banking Rule. It was created under Section 1033 of the Consumer Financial Protection Act.

This rule grants individuals the right to access their financial data through trusted apps and services.

Winklevoss said that big banks are now attempting to reverse this rule by taking legal action against the Consumer Financial Protection Bureau.

If they succeed, people could lose the ability to LINK their accounts to outside apps without paying fees.

He said this would be a setback for innovation and would give the traditional banking system more control.

While there has been no official response from JPMorgan or the Bureau, the case has garnered attention from those working in cryptocurrency and financial technology.

The outcome could shape how consumers use banking data and whether they will need to pay for that access in the future.

Gemini History With JPMorgan and IPO Plans

This is not the first time Gemini and JPMorgan have had issues. In 2023, reports stated that JPMorgan had asked Gemini to find a new banking partner.

At the time, Gemini denied those reports, stating that the relationship was still active.

Now, the current pause brings fresh uncertainty. Gemini is also preparing for a public offering.

The company filed to go public with the U.S. Securities and Exchange Commission last month.

The filing did not include the number of shares or the expected price range. That process is still in early stages, and for it to move forward, the crypto trading platform may need a top banking partner like JPMorgan.

Tyler and Cameron Winklevoss have also made headlines for their political ties.

Meanwhile, they once donated to Donald Trump’s campaign. Some of those funds were returned after they passed the legal donation limit.

As of now, neither Gemini nor JPMorgan has shared any further updates. The future of their business relationship and its implications for data access in the crypto space remain to be seen.