Crypto Leaders Urge Trump to Block Bank Data Access Fees Amid Innovation Concerns

A coalition of crypto and fintech leaders has urged U.S. President Donald Trump to prevent banks from imposing new fees on customer data access, arguing that such charges could stifle innovation and consumer choice in the digital finance sector [1]. In a letter sent on Wednesday, the group accused major banks of seeking to "preserve their market position" by introducing costly "account access" fees that would hinder the ability of consumers to connect their accounts to alternative financial services [1].

Signatories of the letter included prominent names such as Gemini and Robinhood, as well as industry advocacy groups like the Crypto Council for Innovation and the Blockchain Association [1]. The letter emphasized that the imposition of such fees could cripple the U.S. crypto, artificial intelligence, and digital payments industries, particularly services that rely on seamless bank connectivity [1]. The group warned that restricting access would drive innovation overseas and weaken the United States' influence in the global digital asset landscape [1].

The dispute centers around an "open banking rule" finalized in October 2024 under the Biden administration by the Consumer Financial Protection Bureau (CFPB). This rule grants customers the right to share their bank data with third-party providers at no cost, a move that has been widely supported by crypto firms but met with resistance from banking trade groups [1]. Banks have sued to block the rule, arguing it imposes unfair burdens on the industry and disrupts the balance of services and investments already in place.

Trump had initially supported efforts to repeal the rule, aligning with banks’ positions. However, in late July, under growing pressure from the crypto industry, he reversed course. The Trump administration has since informed a federal judge that it will maintain the rule in place while working on a revised version [1]. This shift reflects the broader pro-crypto agenda that the administration has pursued in recent months.

Crypto firms argue that free data access is essential for integrating bank accounts with their platforms, facilitating smooth fiat-to-crypto transactions. The letter to Trump asserted that bank-imposed fees would “cripple innovative products” and undermine efforts to position the U.S. as a safe haven for digital assets [1].

In response, the American Bankers Association (ABA) has pushed back against the crypto industry’s stance. The ABA accused the signatories of the letter of seeking "government price fixing" and demanding "special treatment" while benefiting from banks’ investments in data security and infrastructure [1]. The ABA called the letter’s signatories “middlemen” attempting to leverage Biden-era policies for personal gain, highlighting what it described as a double standard.

The debate underscores broader tensions between financial institutions and the digital asset industry over data ownership, pricing, and regulatory oversight. As the Trump administration continues to support pro-crypto policies—including recent moves to allow the inclusion of cryptocurrencies in 401(k) plans and the nomination of a crypto-friendly economist to the Federal Reserve—the issue of data access will likely remain a key point of contention between regulators, banks, and the emerging fintech sector [1].

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[1] https://cryptonews.com/news/crypto-executives-ask-trump-to-block-bank-fees-for-customer-data-access/