Oh, Jamie Dimon. You cheeky devil, you. 😈 He’s gone and stirred up a hornet’s nest with his latest plan to charge fintech companies like PayPal and Coinbase for customer data. Apparently, sharing is not caring when it comes to your bank balance, eh Jamie? 🙄
During a second-quarter earnings call that probably involved more suits than a Savile Row sale, Dimon defended the move, claiming it’s all about protecting the customer. Bless his heart. 💖 He wants us to know that we, the little people, have the “right” to decide what information gets shared. As if we’re all sitting around pondering the finer points of data privacy while sipping our lattes. ☕️
“So, this is very important. So forget pricing for a second, we are in favor of the customer, but we think the customer has the right to if they want to share their information. What we ask people to do is, what do they – do they actually know what’s being shared? What is actually being shared? It shouldn’t be everything. It should be what their customer wants. It should have a time limit because some of these things went on for years. It should not be re-marketed or resold to third parties. And so, we’re kind of in favor of all that, done properly.
And then the payment, it just costs a lot of money to set up the APIs and stuff like that to run the system’s protection. So, we just think it should be done and done right. And that’s the main part. It’s not like you can’t do it.”
Right. Because setting up APIs is like rocket science, isn’t it Jamie? 🙄 Meanwhile, fintech companies are using this data to make it easier for us to send money to our mates, buy that cute top on ASOS, or, you know, invest in some crypto. But apparently, JPMorgan wants a cut of the action. 💰💰💰
Alex Rampell, a bigwig at Andreessen Horowitz, isn’t having any of it. He’s calling it a “stranglehold” on competition and warning that it’ll make it harder to get your money into crypto. Yikes. 😬
“This isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow…
If it suddenly costs $10 to move $100 into a Coinbase or Robinhood account – maybe fewer people will do it.”
Arjun Sethi, co-CEO of Kraken, is also throwing shade, accusing JPMorgan of “asserting ownership” over our data. He’s all about “open architecture” and “shared infrastructure,” which sounds a lot more fun than Jamie’s data dungeon. 🎉
“We should not be optimizing for defensibility through restriction. We should be leveraging our position and profitability to build better access, more open architecture and more composable systems. That means investing in protocols, not just platforms. It means participating in shared infrastructure, not just extracting value from it.”
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2025-07-19 23:07