{"id":163277,"date":"2025-07-20T13:00:26","date_gmt":"2025-07-20T10:00:26","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=163277"},"modified":"2025-07-20T12:05:47","modified_gmt":"2025-07-20T09:05:47","slug":"jpmorgan-lawsuit-threatens-crypto-access-and-open-banking-rights","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/jpmorgan-lawsuit-threatens-crypto-access-and-open-banking-rights\/","title":{"rendered":"JPMorgan Lawsuit Threatens Crypto Access and Open Banking Rights"},"content":{"rendered":"

According to Gemini co-founder Tyler Winklevoss, this legal challenge could devastate the fintech and crypto sectors by removing consumers\u2019 right to access their own banking data through third-party apps like Plaid.<\/p>\n

The Open Banking Rule, authorized<\/a><\/strong> under Section 1033 of the Consumer Financial Protection Act, grants Americans the ability to link their bank accounts to external platforms. This functionality is vital for crypto exchanges such as Gemini, Coinbase, and Kraken, which rely on such connections to enable fiat funding for crypto purchases. Winklevoss argues that without this access, banks will impose excessive fees on data-sharing, making it economically unfeasible for smaller fintechs to operate.<\/p>\n

Bank lobbying could reverse Trump-era innovation momentum<\/h2>\n

Winklevoss called the banks\u2019 attempt to overturn the rule a form of \u201cegregious regulatory capture\u201d that stifles innovation and harms consumers. He specifically named JPMorgan CEO Jamie Dimon, accusing him of leading an effort to undercut President Trump\u2019s mandate to make America a global crypto and fintech leader.<\/p>\n