Crypto Executives Urge Trump to Block Bank Data Fees Amid Regulatory Debate

A coalition of over 80 crypto and fintech executives has called on former US President Donald Trump to intervene in a growing dispute over data fees imposed by major banks on third-party service providers. The letter, sent to the Trump administration, argues that such fees threaten to stifle innovation and limit consumer choice by creating financial barriers for startups and alternative financial platforms [1]. Signatories include major crypto players like Gemini and Robinhood, as well as advocacy groups such as the Crypto Council for Innovation and the Blockchain Association [1].

The letter highlights the importance of open access to banking data, particularly for crypto exchanges and fintech platforms that rely on seamless connections between bank accounts and digital services. It warns that if banks are allowed to charge for this access, it could cripple the development of new financial products and weaken the United States’ global leadership in digital assets and artificial intelligence [1]. The group emphasized that the continued enforcement of the Biden-era open banking rule—established under Section 1033 of the Dodd-Frank Act—was critical to maintaining a competitive financial ecosystem [2].

The dispute emerged as the Trump administration initially opposed the Biden-era rule but later reversed course under pressure from the crypto industry. In July, the administration announced it would maintain the rule in place while it worked on revising it. The move was seen as a win for crypto and fintech interests, which had lobbied heavily for its preservation [1]. The coalition now seeks to ensure that no new fees are introduced during the regulatory review process.

In response, major banking associations including the American Bankers Association, the Consumer Bankers Association, and the Bank Policy Institute have criticized the letter, arguing that it misrepresents the current data-sharing landscape. They assert that banks already provide customer data at no cost and that the proposed rule allows third-party providers to access this information without contributing to the costs of maintaining secure systems [3]. The banking groups accuse the fintech and crypto companies of seeking a form of “government price fixing” and warn that the current system benefits from the contributions of banks, which have invested heavily in protecting consumer data [4].

The banks also pointed out that the financial ecosystem already includes over 120 data aggregators and that banks handle billions of data requests each month, demonstrating the existing capacity for open data sharing [4]. They expressed support for a regulatory framework that ensures fair competition and protects consumer interests, provided it aligns with existing legal standards.

Meanwhile, Trump has taken steps to address broader banking industry practices, including the issuance of an executive order on fair banking aimed at protecting open access to financial services [5]. However, it remains unclear whether this order will directly address the issue of data fees. The growing divide between crypto and fintech companies on one side and major banks on the other suggests that the debate over data access will remain a key regulatory battleground.

Sources:

[1] Cointelegraph

https://cointelegraph.com/news/crypto-execs-want-trump-ban-bank-fees-customer-data

[2] AInvest

https://www.ainvest.com/news/crypto-fintech-execs-urge-trump-block-bank-data-fees-2508/

[3] BankingJournal.aba.com

https://bankingjournal.aba.com/2025/08/aba-associations-fintech-groups-misrepresent-permissioned-data-sharing/

[4] BankingJournal.aba.com

[5] Fintechanddigitalassets.com

https://www.fintechanddigitalassets.com/2025/08/president-trump-issues-executive-order-on-fair-banking/