JPMorgan Chase & Co. faces mounting criticism from cryptocurrency leaders over its new fees targeting financial data aggregators, with industry figures warning the policy could impede fintech innovation and consumer rights.
Gemini co-founder Tyler Winklevoss condemned the bank’s charges applied to platforms like Plaid—which facilitate connections between traditional banks and crypto exchanges including Gemini and Coinbase—as part of an “anti-crypto agenda.” Winklevoss suggested Gemini’s recent offboarding from JPMorgan services may be retaliation for his public criticism.
The bank defends the fees, citing excessive data request volumes from fintech firms and claiming they protect customer information security. However, the policy coincides with potential regulatory shifts, including the possible repeal of the Consumer Financial Protection Bureau’s Open Banking Rule that currently ensures free consumer data access.
Industry observers note the contradictory stance comes as JPMorgan simultaneously explores crypto-backed loan services, indicating selective adoption of blockchain technologies while potentially restricting customer access through fintech gateways.