Gemini co-founder Tyler Winklevoss and venture capitalist Arjun Sethi have publicly condemned JPMorgan for challenging the Open Banking Rule, warning that the banking giant’s stance could trigger fintech bankruptcies and erode US leadership in the cryptocurrency sector.
Winklevoss emphasized that JPMorgan’s opposition to open banking principles jeopardizes critical infrastructure for financial technology innovation. Sethi specifically criticized the bank’s proposal to impose fees for consumer data access, calling it an anti-competitive barrier to transparent financial systems.
The advocates highlighted permissionless blockchain networks as superior alternatives for data sharing, contrasting them with traditional banks’ proprietary models. Their position has gained political backing, including support from US Senator Cynthia Lummis, who stressed that open banking is essential for maintaining America’s competitiveness in global finance.
This dispute underscores deepening tensions between incumbent financial institutions and emerging fintech/crypto sectors regarding data control, regulatory frameworks, and the future trajectory of financial innovation.