Crown leaders criticize Jpmorgan for “killing encryption” star-news.press/wp

The co -founder of Jimini Tyler Winkelvos accused Jpmorgan and other major banks of trying to leave financial innovation by targeting consumer rights associated with access to data.
In a publication on June 19 at X, Winklevoss warned that Wall Street institutions actively dismantle the financial consumer protection office (CFPB) “open banking base”.
JPMorgan accused of undermining open banking services and access to encryption
The open banking base, derived from Article 1033 of the Consumer Financial Protection Law, enables consumers to access and share their financial data through third -party applications such as Plaid.
However, it is said that some large banks challenge the base in court.
Winklevoss believes this legal battle is more than an organizational conflict. Like an attack on both consumer selection and encryption progress.
“This bankrupt technology that helps you link your bank accounts to encryption companies such as Gemini, Coinbase and Kaken so you can easily finance your account with FIAT to buy Bitcoin and Crypto” I mentioned.
He also argued that JPMorgan undermines President Donald Trump’s broader goal of making the United States a global pioneer in encryption and financial innovation.
“Jimmy Damoni and his crocheted are trying to undermine President Trump’s mandate to make America a professional innovation and head of the coding capital in the world. We must return again!”
It is worth noting that Winklevoss has gained a traction between stakeholders in encryption. The American Senator, supporter of aging, has brought his comments, and showed political support.
Meanwhile, Arjun Sethi, a participant in Kaken, had previously chanted similar concerns, warning that the proposed fees for JPMorgan to access data represent access to strategic energy, not technological upgrade
“This is not a technical innovation. It is losses. Once the data becomes a flow of infrastructure supply, the motivation is its division, its storm, and its sale with a margin. This mainly limits what can be built on top,” Sethi stressed.
Is this encryption?
In his own position, JPMorgan’s approach will diverge with encryption networks, which he said fluctuated by current architecture.
Instead of closed systems, the general professor’s notebook provides without permission, identity, open and compatible symbol. Smart contracts are carried out in transparency and equal over the network, making data accessible to all participants.
“Access is not negotiations for business development. It is a feature of the system itself. Smart contracts are expected to make logic on all users. Data lives on the professor’s book on an equal footing of each participant. He said.
However, Sethi warned that encryption should remain a reality for his institution. According to him, if the space repeats the same central energy structures that seek to disable them, its transformational promise may fade.
Given, he urged the industry to ensure that organizational progress does not reflect the same restrictions that seek to flee.
“We should not improve for defense through restriction. We must benefit from our position and profitability to build better access, architecture, and the most compatible systems. This means investing in protocols, not only the platforms. This means participating in joint infrastructure, not just the value of that.”
Disintegration
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2025-07-21 01:08:00