JPMorgan suspends resumption of banking services to Gemini due to consumer data access dispute

According to Crypto in America, JPMorgan Chase has suspended the resumption of banking services to the cryptocurrency exchange Gemini due to disagreements over consumer data access rules. Gemini co-founder Tyler Winklevoss previously accused the bank of attempting to "strangle fintech and crypto companies" by restricting third-party data interfaces such as Plaid. The focus of controversy lies in JPMorgan's plan to charge high data access fees to fintech companies, which directly challenges the Open Banking Act issued by the US Consumer Financial Protection Bureau (CFPB) last year. The regulation safeguards consumers' right to securely share bank data through tools such as encrypted wallets, but its implementation has been hindered by bank class action lawsuits and opposition from the Trump administration. The bank claims that data aggregators have the risk of excessive data collection, while critics argue that this is an excuse for traditional financial institutions to maintain their monopoly position.