A coalition of crypto and fintech leaders is pressing U.S. President Donald Trump to prevent banks from imposing new charges on customer data access, warning such fees could undermine innovation and consumer choice.
Key Takeaways:
Crypto and fintech leaders urged President Trump to block bank fees for customer data access. The dispute centers on Biden’s 2024 open banking rule, which grants free third-party access to bank data. Banks accuse the crypto industry of seeking special treatment and government-backed price controls at their expense.In a letter sent Wednesday, executives accused major banks of attempting to “preserve their market position by imposing exorbitant new ‘account access’ fees” that would make it harder for consumers to connect their accounts to alternative financial products.
Signatories included Gemini, Robinhood, the Crypto Council for Innovation, and the Blockchain Association.
Crypto Leaders Tell Trump Bank Data Fees Could Cripple U.S. Digital Finance
The group argued that these fees would damage the U.S. crypto, artificial intelligence, and digital payments industries, potentially shutting down services that depend on bank connectivity.
“Severing this connection will drive innovation offshore and diminish U.S. influence,” the letter stated, linking the issue directly to Trump’s pro-crypto agenda.
The dispute stems from an “open banking rule” finalized in October 2024 by the Consumer Financial Protection Bureau under former President Joe Biden.
The rule granted customers the right to share their bank data with third-party providers at no cost, a move widely celebrated by crypto companies but opposed by banking trade groups, which sued to block it.
Trump initially supported efforts to scrap the rule, siding with banks, but reversed course in late July under lobbying pressure from the crypto industry.
His administration has since told a federal judge it will keep the rule in place while working on a revised version.
Crypto firms say free data access is essential for integrating bank accounts with their platforms, enabling seamless fiat-to-crypto transfers.
The letter to Trump argued that bank-imposed fees could “cripple innovative products” and jeopardize on-ramps to the digital asset ecosystem, undermining the president’s goal of making the US a safe harbor for crypto.
Banking groups, led by the American Bankers Association, pushed back strongly on Wednesday. They accused the crypto industry of seeking “government price fixing” and demanding special treatment.
“The double standard these companies want to perpetuate, where they may charge fees for service while banks are expected to provide the same service to these private companies for free, is absurd,” the ABA said in a statement.
The ABA framed the letter’s signatories as “middlemen” trying to leverage Biden-era policies “for personal profit” while benefiting from banks’ significant investments in data security.
Trump Administration Pushes Pro-Crypto Agenda
The Trump administration advanced its pro-crypto agenda this week with a series of policy and regulatory moves.
President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.
If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.
Trump also nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.
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