JPMorgan's Data Access Fees Threaten Crypto and Fintech Industry

Crypto groups, including the Blockchain Association and Crypto Council for Innovation, are calling on President Donald Trump to intervene in JPMorgan Chase's plan to charge fees for accessing customer financial data. This move, they claim, threatens innovation and could harm the ecosystem of crypto and digital payments in the US. The groups urge Trump to take action before July 29, when a federal case over the Consumer Financial Protection Bureau's open banking rules is expected to be submitted.

Crypto and fintech industry groups are calling on President Donald Trump to intervene in JPMorgan Chase's plan to charge fees for accessing customer financial data. This move, they claim, threatens innovation and could harm the ecosystem of crypto and digital payments in the US. The groups urge Trump to take action before July 29, when a federal case over the Consumer Financial Protection Bureau's (CFPB) open banking rules is expected to be submitted.

JPMorgan Chase recently informed third-party data aggregators like Plaid and MX that it will begin charging fees when they access customer banking information. Until now, access to this data has generally been free, but under the proposed changes, the bank could charge fees every time an aggregator pulls a customer’s data. These costs are expected to be passed downstream, first to fintech platforms and eventually to end users.

The coalition’s letter, signed by ten major trade associations representing fintech and digital asset firms, including the Blockchain Association and the Crypto Council for Innovation, argues that JPMorgan’s plan could “de-bank” millions of Americans and deny them access to core financial services in crypto, especially for stablecoins. It could nerf the use of self-custody wallets and real-time digital payments, the groups said.

“The JPMorgan fees make it impossible to serve Chase customers if you are a small company,” a fintech executive warned. According to industry estimates, if JPMorgan’s plan proceeds, Plaid alone could be forced to pay up to $300 million annually in fees, more than 75% of its current revenue.

The debate underscores a broader tension between legacy financial institutions and emerging digital ecosystems. Data aggregators like Plaid and MX facilitate fund transfers to platforms such as Coinbase and Kraken by leveraging consumer-authorized banking data. However, JPMorgan’s fee structure—rumored to include per-transaction charges and subscription models—could disproportionately burden smaller players reliant on stablecoins like USDC and USDT.

The dispute also carries international ramifications. The European Union’s Markets in Crypto-Assets (MICA) regulation, set to take effect in 2026, mandates open access to stablecoin data for institutional investors. If U.S. providers adopt similar barriers, they could undermine global efforts to standardize digital asset infrastructure.

As fintech advocates prepare for a potential regulatory showdown, the outcome could reshape the balance of power between legacy institutions and emerging financial ecosystems.

References:
[1] https://www.cryptopolitan.com/crypto-industry-asks-trump-stop-jpmorgan-tax/
[2] https://www.ainvest.com/news/fintech-coalition-demands-regulatory-action-jpmorgan-data-fees-exceed-75-plaid-revenue-2507/