Winklevoss Fires Back at JP Morgan: Gemini Onboarding Sparks Crypto Clash

Wall Street meets crypto in a high-stakes showdown—and the twins aren’t backing down.

Cameron Winklevoss just dragged JP Morgan over the coals for allegedly stonewalling Gemini’s institutional clients. The accusation? Old-guard banks playing gatekeeper while pretending to embrace blockchain innovation.

Behind the feud: whispers of ‘risk management’—banker-speak for ‘we’ll adopt your tech once we’ve milked the old system dry.’

One thing’s clear: when traditional finance tries to slow-walk crypto adoption, the industry fires back harder than a Bitcoin bull run.

Winklewoss Says It’s About Control, Not Costs

The Gemini co-founder believes this fight is about control of financial data. He accuses banks of creating “pay-to-play” systems where fintechs must pay hefty fees just to access user data. This could push smaller players out of the market and make crypto onboarding much harder. Winklewoss frames JP Morgan’s MOVE as anti-competitive and harmful to innovation. He insists that open banking rules — finalized in late 2024 — give consumers the right to share their data freely. By resisting these rules, he says, banks like JP Morgan are trying to protect their gatekeeper status.

JP Morgan’s Silent Response to Winklewoss

JP Morgan has not publicly commented on the claims. The bank, however, has previously defended charging fees for access to its data infrastructure. CEO Jamie Dimon has softened his stance on crypto over the past year, but he remains cautious about the industry. Reports suggest JP Morgan is exploring crypto-backed loans, signaling a complex relationship with digital assets. Yet, the decision to halt Gemini’s onboarding raises questions about whether old attitudes still dominate behind closed doors.

Winklewoss, Operation Choke Point 2.0, and Politics

Winklewoss ties this conflict to what he calls “Operation Choke Point 2.0.” He says big banks and certain regulators are quietly pushing crypto firms out of the financial system. He also links the fight to ongoing legal battles over the Consumer Financial Protection Bureau’s open banking rule. Winklewoss and his brother Cameron have openly supported Donald Trump’s pro-crypto stance, even donating to his campaigns. He argues that if banks succeed in weakening open banking rules, the U.S. could lose its edge in becoming the “crypto capital of the world.”

Gemini’s Next Moves in Onboarding

Gemini’s relationship with JP Morgan has been rocky for years, with past reports of the bank asking the exchange to seek other partners. Despite the current pause, Gemini is pushing forward. The company recently filed for an IPO with the SEC, signaling big growth plans ahead. Winklewoss says Gemini will not be intimidated and will keep fighting for fair onboarding and open access to data. He warns that the outcome of this clash could shape how fintech and crypto firms operate in the U.S. for years to come.