{"id":38056,"date":"2025-07-22T03:46:33","date_gmt":"2025-07-22T03:46:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=38056"},"modified":"2025-07-22T03:46:33","modified_gmt":"2025-07-22T03:46:33","slug":"banksters-are-out-to-kill-crypto-tyler-winklevoss-slams-jpmorgan","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=38056","title":{"rendered":"\u2018Banksters Are Out To Kill Crypto,\u2019 Tyler Winklevoss Slams JPMorgan"},"content":{"rendered":"
\n

The debate over who should control\u2014and pay for\u2014access to US consumers\u2019 banking data turned acrimonious after Gemini co\u2011founder Tyler\u202fWinklevoss claimed that JPMorgan\u202fChase &\u202fCo. is \u201ctrying to kill fintech and crypto companies.\u201d In an extended X thread posted late Sunday, Winklevoss charged<\/a> that the nation\u2019s largest bank wants \u201cto take away your right to access your banking data for FREE via third\u2011party apps like Plaid and instead charge you and fintechs exorbitant fees.\u201d<\/p>\n

He warned that the proposed tolls would \u201cbankrupt fintechs that help you link your bank accounts to crypto companies like Gemini, Coinbase<\/a>, and Kraken so you can easily fund your account w\/ fiat to buy bitcoin and crypto.\u201d<\/p>\n

JP Morgan Vs. Crypto<\/h2>\n

Winklevoss\u2019 broadside landed ten days after Bloomberg first disclosed that JPMorgan has distributed price sheets to data aggregators outlining usage\u2011based fees for application\u2011programming\u2011interface (API) calls that move customer data to external apps. Reuters subsequently confirmed the plan and published the bank\u2019s initial defense: \u201cWe\u2019ve invested significant resources creating a valuable and secure system that protects customer data. We\u2019ve had productive conversations and are working with the entire ecosystem to ensure we\u2019re all making the necessary investments in the infrastructure that keeps our customers safe.\u201d<\/p>\n

The timing is delicate. Last October the Consumer Financial Protection Bureau (CFPB) finalized its Personal Financial Data Rights Rule under Section\u202f1033 of the Dodd\u2011Frank Act, requiring banks to hand over a customer\u2019s checking and credit\u2011card data\u2014at no cost\u2014whenever the customer asks a third party to retrieve it.<\/p>\n

Hours after the rule\u2019s release, the Bank Policy\u202fInstitute and the Kentucky Bankers Association sued the CFPB in federal court, arguing that regulators had exceeded their authority and jeopardized data security. The case is pending in Lexington, but under the Trump administration the CFPB has taken the unusual step of telling the judge that the rule it wrote \u201cshould be vacated,\u201d a reversal that critics say emboldened JPMorgan to move ahead with a pay\u2011to\u2011play model.<\/p>\n

JPMorgan chief executive Jamie\u202fDimon insists the fees simply recoup infrastructure costs. \u201cIt costs a lot of money to set up the APIs and stuff like that to run the system,\u201d he told analysts on last week\u2019s earnings call, adding that third parties \u201cshould pay for accessing the banking system and payment rails,\u201d according to Payments\u202fDive.<\/p>\n

The clash has spilled into crypto\u2011political circles. Winklevoss argued that the banks\u2019 lawsuit \u201cundercut President\u202fTrump\u2019s mandate<\/a> to make America the pro\u2011innovation and the crypto capital of the world.\u201d Attorney John\u202fE.\u202fDeaton echoed<\/a> the sentiment, recalling that he \u201cput the majority of my wealth\u201d into digital assets after Dimon called Bitcoin a fraud and labeling the JPMorgan chief \u201cPublic Enemy\u202f#1.\u201d<\/p>\n

Deaton also highlighted JPMorgan\u2019s historical compliance fines, asserting that the bank \u201chas been fined $40\u202fbillion across 281 violations since 2000.\u201d Venture capitalist and presidential Crypto Czar David\u202fSacks<\/a> summed up the controversy in a single word: \u201cConcerning.\u201d<\/p>\n

Behind the rhetoric lie concrete stakes for crypto exchanges, which rely on Plaid, MX, Yodlee and similar gateways to verify customer accounts and pull in fiat. If data aggregators absorb new fees, they are expected to pass at least part of the cost to high\u2011frequency users\u2014including exchanges that automate cash sweeps\u2014raising onboarding friction just as US regulators are inching toward clearer securities guidance for digital\u2011asset platforms.<\/p>\n

At press time, Bitcoin traded at $118,620.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

The debate over who should control\u2014and pay for\u2014access to US consumers\u2019 banking data turned acrimonious after Gemini co\u2011founder Tyler\u202fWinklevoss claimed that JPMorgan\u202fChase &\u202fCo. is \u201ctrying to kill fintech and crypto companies.\u201d In an extended X thread posted late Sunday, Winklevoss charged that the nation\u2019s largest bank wants \u201cto take away your right to access your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-38056","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38056"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38056\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}