JPMorgan Halts Gemini Onboarding Amid Data Fee Dispute

Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the crypto exchange’s onboarding process after he publicly criticized the bank’s new data access fees. JPMorgan’s move to charge fintechs significant fees for consumer banking data has drawn backlash from industry leaders, who say it threatens innovation and could financially harm fintech and crypto firms. In response, ten major crypto and fintech trade associations have urged President Trump to intervene, arguing the fees undermine consumer rights and contradict the Consumer Financial Protection Bureau’s open banking rule, finalized in 2024. The rule, currently under legal challenge from banks, mandates free consumer access to banking data. Industry groups warn that if enforced, the fees could restrict Americans’ ability to fund digital wallets and use stablecoins, impacting the U.S.’s position in financial innovation. The White House is being asked to act before an end-of-July court deadline.