- Crypto and fintech leaders called on President Trump to stop banks from charging fees for access to customer banking data.
- The group argued that new account access fees would block competition and limit consumer choices in financial products.
- Banks say these proposals amount to government-imposed price controls and criticize fintech firms for seeking free access to bank-built systems.
- Open banking rules introduced under President Biden require banks to allow free data sharing with fintechs, a move contested by bank industry groups.
- The dispute highlights broader tensions between banks and new financial technology companies, including over stablecoin regulation.
A group of executives from crypto and fintech companies urged President Donald Trump this week to intervene against new bank fees for allowing access to customer financial data. The request, made in a joint letter on Wednesday, claims these proposed fees from large U.S. banks would prevent consumers from sharing account information with alternate financial platforms.
The letter, supported by companies like Gemini and Robinhood as well as crypto industry groups, said that such charges could hinder the U.S. crypto, Artificial Intelligence, and digital payments industries. The group argued that these fees would limit innovation by making it harder for consumers to connect their bank accounts to new financial tools of their choice. According to the letter, this could undermine the development of emerging digital asset technologies in the country.
The letter states: “America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting our banking system to the new ecosystem. Severing this connection will drive innovation offshore and diminish U.S. influence.” The group emphasized that many crypto exchanges rely on access to bank data to allow users to transfer funds seamlessly. They warned the fees could “cripple innovative products” or even force their shutdown, potentially affecting Trump’s policy objectives for the crypto sector.
This debate connects to the “open banking rule” finalized under former President Joe Biden in October, which required banks to let customers freely share data with fintech companies. While fintech firms supported the rule, major banking organizations opposed it and launched legal action to overturn it. Reports indicate Trump initially backed efforts to roll back the rule, but after input from the crypto sector, his administration later decided to keep it for the time being.
Banking groups, led by the American Bankers Association, responded to the crypto sector’s letter by accusing the companies of seeking to “undermine free markets and engage in government price fixing.” The banks said tech firms expect banks to provide services at no cost, while still charging consumers themselves. They described the letter’s authors as “middlemen trying to mislead” the administration and argued that major investments have been made by banks to protect customer data.
The divide between banks and newer financial technology firms continues, with recent disagreements over rules for stablecoins—crypto tokens whose value is tied to national currencies. Banking groups recently urged Congress to close regulatory gaps they claim give stablecoin issuers unfair advantages.
For more details on the letter to President Trump, visit the Financial Technology Association. Statements from U.S. banking groups can be found here.
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