JPMorgan Lawsuit Threatens Crypto Access and Open Banking Rights
JPMorgan and other major U.S. banks are under fire for a lawsuit aimed at dismantling the Consumer Financial Protection Bureau’s (CFPB) newly established “Open Banking Rule.”
According to Gemini co-founder Tyler Winklevoss, this legal challenge could devastate the fintech and crypto sectors by removing consumers’ right to access their own banking data through third-party apps like Plaid.
The Open Banking Rule, authorized 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…
