Crypto and Fintech Execs Urge Trump to Block Bank Data Fees

A coalition of top executives from the cryptocurrency and fintech industries has called on former U.S. President Donald Trump to intervene and block banks from charging fees to access customer financial data, arguing that such practices undermine competition and innovation in the financial sector [1]. The campaign, led by groups including the Crypto Council for Innovation and the Blockchain Association, involves over 80 CEOs and has drawn attention across major financial platforms [2]. They argue that data access fees imposed by traditional banks create barriers for emerging fintech and crypto platforms, which rely on seamless access to customer data to offer services like budgeting tools, lending, and digital wallets [3]. By charging these fees, they claim, banks are effectively stifling the development of new financial technologies and limiting consumer choice [4]. Some have specifically pointed to JPMorgan Chase as a company accused of implementing such charges, prompting calls for regulatory action [5].

In their letter to Trump, the crypto and fintech executives emphasized that the fees could “cripple innovative products” or shut them down entirely, which they argued could hurt Trump’s crypto-related policy goals [6]. The letter was supported by crypto exchange Gemini, trading platform Robinhood, and other industry players, who claimed the fees would harm the U.S. crypto, artificial intelligence, and digital payments industries [1]. They further stated that America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting the banking system to the new ecosystem, and that severing this connection could drive innovation offshore and diminish U.S. influence [7].

The letter was sent against the backdrop of Joe Biden’s “open banking rule” from the Consumer Financial Protection Bureau, finalized in October 2023, which allowed customers to share bank data with fintechs for free [8]. The rule was welcomed by the crypto community but strongly opposed by leading banking industry groups, who sued the regulator. Trump initially supported the banks but backtracked in late July 2025 after pressure from the crypto lobby to keep the rule in place [9]. The Trump administration has since told a judge it would leave the rule in place while it creates a new one [10].

However, major banking groups have pushed back, stating that they do not charge consumers for data access and that banks have invested heavily in secure systems that benefit users [11]. The Consumer Bankers Association has accused the campaign of misleading the Trump administration and distorting the facts about open banking practices [12]. Banks emphasize that they already provide robust data-sharing options and that innovation in the sector is being driven by both traditional financial institutions and fintech startups [13].

The debate highlights a broader conflict between legacy financial institutions and the growing crypto and fintech sectors. As new digital services gain popularity, they increasingly rely on the ability to access and analyze customer financial data—an asset that traditional banks control through their infrastructure. The push to eliminate data fees represents a strategic move by the fintech and crypto industries to level the playing field and expand their influence in the evolving financial landscape [14].

---

Source:

[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] Bloomberg.com - [https://www.bloomberg.com/news/articles/2025-08-14/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees](https://www.bloomberg.com/news/articles/2025-08-14/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees)

[3] Slashdot - [https://news.slashdot.org/story/25/08/14/142255/fintech-crypto-ceos-urge-us-president-to-block-banks-data-access-fees](https://news.slashdot.org/story/25/08/14/142255/fintech-crypto-ceos-urge-us-president-to-block-banks-data-access-fees)

[4] Crypto Economy - [https://crypto-economy.com/fintech-and-crypto-executives-rally-against-jpmorgans-data-access-charges/](https://crypto-economy.com/fintech-and-crypto-executives-rally-against-jpmorgans-data-access-charges/)

[5] Consumer Bankers Association - [https://consumerbankers.com/press-release/banks-respond-to-fta-letter-that-seeks-to-mislead-trump-administration-about-open-banking/](https://consumerbankers.com/press-release/banks-respond-to-fta-letter-that-seeks-to-mislead-trump-administration-about-open-banking/)

[12] American Bankers Association - [https://www.aba.com/about-us/press-room/press-releases/trades-respond-to-fta-letter](https://www.aba.com/about-us/press-room/press-releases/trades-respond-to-fta-letter)

[13] WebProNews - [https://www.webpronews.com/fintech-ceos-urge-trump-to-block-bank-fees-on-customer-data-access/](https://www.webpronews.com/fintech-ceos-urge-trump-to-block-bank-fees-on-customer-data-access/)

[14] Bloomingbit - [https://bloomingbit.io/en/feed/news/94861](https://bloomingbit.io/en/feed/news/94861)