Fintech and Crypto Leaders Urge Trump to Block Bank Data Access Fees

Over 80 crypto and fintech leaders, including executives from Gemini, Robinhood, and Shopify, have written to Donald Trump, urging him to block U.S. banks from imposing new fees on third-party access to customer banking data. The letter highlights concerns that these fees could stifle innovation in the digital asset and fintech sectors, weaken U.S. global competitiveness in the digital economy, and hinder consumer control over financial data [1][2][3]. The signatories argue that such fees create an uneven playing field, where fintech platforms are charged for data access while banks provide similar services for free, potentially deterring technological progress and limiting consumer choice [4][5].

Industry leaders warn that these access fees could significantly impact the DeFi market and related industries, increasing operational costs and discouraging investment and development in the U.S. This could affect both startups and established crypto companies and even key cryptocurrencies like BTC and ETH, which are central to DeFi protocols. The fees may create barriers to user access and innovation, altering market dynamics in the broader cryptocurrency ecosystem [6][7].

Banks have pushed back against the claims, asserting that they do not charge consumers directly for data access. They argue that API fees are standard industry practice, comparing them to charges by tech giants like Amazon Web Services and Microsoft Azure. The Bank Policy Institute and the American Bankers Association have criticized the open letter as misleading, suggesting it favors certain data aggregators at the expense of banks’ investments in secure systems [8].

The debate reflects a growing tension between traditional financial institutions and emerging fintech players over the control and monetization of financial data. Fintech and crypto leaders view the issue as one of innovation and consumer empowerment, while banks emphasize the need to be appropriately recognized and compensated for their role in safeguarding data [9]. Banks also support the administration’s push for innovation in crypto and AI but stress the need for a balanced approach that ensures fair competition and data protection.

The situation has raised regulatory uncertainty, particularly with the CFPB still reviewing data access rules. Discussions online highlight concerns that rising access costs could reduce the U.S.’s competitiveness in the DeFi space and impact liquidity in the crypto sector. Historical efforts to restrict banking data access, such as parts of the Dodd-Frank Act, have led to legal challenges or shifts to more open markets, adding to the uncertainty around the current proposals [10].

As the administration considers its response, the outcome could shape the regulatory landscape for digital finance and influence the future of financial innovation in the U.S. The issue underscores the broader debate over open banking, data governance, and the balance between innovation and regulation in the digital economy.

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[1] FinTechs Ask Trump to Block Banks' 'Account Access' Fees, PYMNTS.com, https://www.pymnts.com/news/banking/2025/fintech-leaders-ask-trump-to-block-banks-account-access-fees/

[2] Crypto Leaders Urge Trump to Block Bank Data Access, AInvest, https://www.ainvest.com/news/crypto-leaders-urge-trump-block-bank-data-access-fees-innovation-concerns-2508/

[3] Crypto Executives Ask Trump to Block Bank Fees for..., Cryptonews, https://cryptonews.com/news/crypto-executives-ask-trump-to-block-bank-fees-for-customer-data-access/

[4] Fintech Leaders Urge Trump to Block Bank Fees..., WebProNews, https://www.webpronews.com/fintech-leaders-urge-trump-to-block-bank-fees-on-customer-data/

[5] Fintech, Crypto CEOs Urge Trump to Block Banks' Data..., Bloomberg, https://news.bloomberglaw.com/banking-law/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees

[6] Fintech, Crypto CEOs Sign Letter to Trump to Block Banks'..., The, https://www.theinformation.com/briefings/fintech-crypto-ceos-sign-letter-trump-block-banks-data-fees

[7] Banks Respond to FTA Letter that Seeks to Mislead Trump..., Bank, https://bpi.com/banks-respond-to-fta-letter-that-seeks-to-mislead-trump-administration-about-open-banking/

[8] Crypto Executives Urge Trump to Block Bank Data Fees..., AInvest, https://www.ainvest.com/news/crypto-executives-urge-trump-block-bank-data-fees-regulatory-debate-2508/

[9] Fintech CEOs call on Trump to block banks from imposing '..., Finextra, https://www.finextra.com/newsarticle/46453/fintech-ceos-call-on-trump-to-block-banks-from-imposing-account-access-fees

[10] Fintech and Crypto Executives Rally Against JPMorgan's ..., Crypto, https://crypto-economy.com/fintech-and-crypto-executives-rally-against-jpmorgans-data-access-charges/