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A group of crypto and fintech -executives has encouraged the Trump administration to prevent banks from charging costs for access to their customer data, with the argument that suppresses innovation and customer choice.
In a recent letter Sent to the president, the group claimed that he helps the “dedication of the Trump administration” to a dynamic, competitive American economy, “but said that this” shared vision of economic freedom is under the direct threat of the largest banks of the country. “
That is after JPMorgan Fintechs and data aggregators that depend on the bank’s customer data that access to customer information trust will no longer be freely available. PNC Financial Services Group Inc. is also considering charging similar costs. According to the group, these costs will influence the market in September.
The letter included participation of managers such as Andreessen Horowitz General partner Alex Rampell, Blockchain Association CEO Summer Mersinger, Gemini co-founders Tyler and Cameron Winklevoss and Plume Network founder and CEO Christopher Yin.
Robinhood chairman and CEO Vlad Teev, co-founder of Stripe and CEO Patrick Collison, and Shopify CEO and founder Tobi Lütke also participated in the effort.
Trump administration’s mission to build a modern economy that is being threatened
Trump campaigned to make the US the Crypto capital of the world prior to the presidential elections last year.
The Crypto industry, which was subsequently attacked by the US Securities and Exchange Commission (SEC), supported the Trump campaign to begging of hundreds of millions of dollars in an attempt to change change.
“Your administration has definitely acted to correct the misguided policy of the past and lays the foundation for the US to build a real 21st-century economy,” the group wrote, before the group said that this hard work of the Trump government is “actively threatened” by large banks.
2/ We ask @Potus To prevent the largest banks of the nation from imposing these exorbitant fees, so that Americans cannot link their bank accounts to the financial tools and services they want to use.
– Financial Technology Association (@fintechasSoc) August 14, 2025
By means of “exorbitant” new account access costs, the group that trying large banks “claims to prevent consumers from connecting their accounts with better financial products of their choice.”
If the Trump administration does not arrive quickly, the group states that it will lead to a “dangerous legal interpretation” that the right of a customer to his account data does not mean that they can freely share access to the data with “a trusted application that acts on their behalf.”
That will undermine the “long-term principle of consumer choice”, the group argued crypto and fintech executives.
“We recommend that you use the full power of your office and the wider administration to prevent the largest institutions from increasing new barriers to financial freedom,” they wrote.
These problems are aimed at an “open banking rule” that was completed in October last year by the Consumer Financial Protection Bureau (CFPB) under the former Joe Biden administration. With this rule, customers can freely share bank details with fintechs.
While the rule was welcomed by the Crypto community, the leading bank sector groups oppose it. They then sued the CFPB.
Trump initially indicated that he would choose the side of the banks and kill the rule. However, he ran his decision again by the end of July in the midst of the pressure of crypto lobbyists and eventually chose to hold the rule in place.
His administration then told a judge that the rule will remain in place until he creates a new one that better fits in with the president’s policy.
Bank groups have been saved by the claims’ claims
Bank groups, led by the American Bankers Association, resist the letter in a press release And accused the crypto and fintech guidelines of trying to undermine “free markets and determine by determining government prizes.”
According to the bank groups, the fintech and crypto managers try to perpetuate an “absurd” double standard whereby they can charge costs for access to information, but still expect banks to offer the same service without costs.
Bank groups state what they believe that the facts are (source: American Bankers Association))
The bankers also responded to accusations of the crypto and fintech execs that the proposed reimbursements of the banks are an anti-competitive maneuver that is designed to “consolidate power”.
According to the bankers, their account information is accessible costs in accordance with the standard practice for companies that offer API access to data.
They emphasized that Amazon Web Services, Microsoft Azure, X (formerly Twitter), Google and others are doing it. According to the bank groups, even some companies that have signed the letter to Trump do, too.
The bankers found that they have “strongly supported” the efforts of the Trump government to “eliminate the limitations of the regulatory authorities on banks involved in cryptom companies.”
Trump focuses on Debanking with new executive order
The collision between the crypto and the traditional banking sector comes after Trump has signed an executive order earlier this month that banks limit those services to certain customers. During the former Biden administration, this often included companies that are active in the crypto space.
According to the new order, federal banking regulations are obliged to remove the language “reputation risk” from their guidelines to credit institutions. According to Crypto and other companies, this broad concept forced regular lenders to turn them off in the past.
The order also instructs supervisors to investigate whether banks have a policy with which they can participate in ‘illegal debt’.
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