Over 80 crypto and fintech leaders urge Trump to block bank data access fees

More than 80 executives from the cryptocurrency and fintech industries have united in a letter urging the Trump administration to intervene against proposals that would allow traditional banks to charge fees for access to customer financial data. The signatories argue that such a move would limit consumer choice, stifle innovation, and create unfair barriers for startups and emerging platforms [1].

These executives highlight that many fintech and crypto services rely on seamless access to banking data to offer products such as budgeting tools, investment platforms, and digital payment solutions. Imposing fees on this access, they contend, would give large banks excessive control and diminish the competitive landscape [2].

The letter emphasizes that smaller firms and startups, which often lack the financial resources to absorb additional costs, would be disproportionately affected. This could lead to reduced service availability and fewer options for consumers [3]. Additionally, the signatories assert that individuals should have full control over their own financial data without facing economic barriers set by third parties [4].

By targeting the Trump administration, the group is leveraging his well-known stance in favor of reducing regulation and supporting business interests. They argue that allowing banks to charge for data access would undermine the principles of open banking and weaken the global competitiveness of U.S.-based fintech and crypto firms [5].

The campaign reflects a broader tension between traditional financial institutions and digital financial innovators. While banks seek to monetize data access, crypto and fintech leaders view it as a fundamental asset that should be freely accessible to promote innovation and transparency.

The effort has gained support from high-profile executives across the fintech and crypto sectors, including those from firms such as Shopify and Gemini [4]. As the debate continues, stakeholders are closely monitoring the administration’s potential response and its impact on the evolving financial ecosystem.

Sources:

[1] Cointelegraph - [https://cointelegraph.com/news/crypto-execs-want-trump-ban-bank-fees-customer-data](https://cointelegraph.com/news/crypto-execs-want-trump-ban-bank-fees-customer-data)

[2] TipRanks - [https://www.tipranks.com/news/the-fly/fintech-crypto-executives-urge-trump-to-block-data-access-fees-bloomberg-says-thefly](https://www.tipranks.com/news/the-fly/fintech-crypto-executives-urge-trump-to-block-data-access-fees-bloomberg-says-thefly)

[3] Financial - [https://www.ftassociation.org/business-leaders-call-on-president-trump-to-oppose-exorbitant-consumer-data-access-fees/](https://www.ftassociation.org/business-leaders-call-on-president-trump-to-oppose-exorbitant-consumer-data-access-fees/)

[4] AInvest - [https://www.ainvest.com/news/fintech-crypto-leaders-urge-trump-block-bank-data-access-fees-2508/](https://www.ainvest.com/news/fintech-crypto-leaders-urge-trump-block-bank-data-access-fees-2508/)

[5] The - [https://www.theinformation.com/briefings/fintech-crypto-ceos-sign-letter-trump-block-banks-data-fees](https://www.theinformation.com/briefings/fintech-crypto-ceos-sign-letter-trump-block-banks-data-fees)