Fintech, crypto groups press Trump to protect open banking amid bank pushback
Crypto and fintech groups are urging Trump to defend open banking rules, warning the case could affect access to wallets, DeFi apps, and stablecoins.
A coalition of trade groups representing the crypto, fintech, retail, and restaurant industries is urging President Donald Trump to defend open banking rules under a so-called legal attack by the nation’s largest banks.
In a letter sent July 23, organizations including the Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association claim that the US’s most powerful banks are undermining innovation by suing to block the implementation of new open banking rules and imposing “stunning” new data fees on fintech and crypto apps.
On July 11, Bloomberg reported that JPMorgan plans to start charging fintech firms fees for access to their customers’ bank account data. According to pricing sheets sent to customers, the fees vary based on how the information is used, with higher charges applied to payments companies.
