Crypto Leaders Urge Trump: Ban Bank Data Fees
- Over 80 executives urge Trump to ban data fees.
- Potential impact on US crypto innovation.
- Banks deny fee charges; seek government price fixing.
Crypto and fintech leaders called on President Trump to prohibit banks from imposing data access fees in an open letter, signed by over 80 executives from major platforms like Gemini and Robinhood.
The proposal highlights concerns about potential disruptions to U.S. fintech innovation and digital asset services if banks can charge for customer data access, affecting industry’s competitive landscape.
More than 80 crypto and fintech executives have launched a public plea to President Donald Trump. They are urging the administration to prevent banks from charging fees for accessing customer data. This move is central in maintaining innovation dynamics. The crypto leaders’ demand highlights the importance of free data access to the fintech industry.
The leaders from Gemini, Robinhood, and other key organizations argue that such fees threaten the US crypto industry. The coalition includes founders of major exchanges and advocacy groups pivotal in digital asset development.
“We urge you to preserve consumer freedom and innovation by blocking bank account access fees, which threaten the competitive future of U.S. fintech and digital asset services.” — Tyler Winklevoss, Co-founder, Gemini
The imposition of data fees would likely have a crippling effect on the US crypto and digital payments sectors. Free exchange of data between banks and fintech platforms is crucial for sustained industry growth and innovation.
Such restrictions might impact U.S. users’ engagement with exchanges and DeFi protocols. Regulatory barriers could potentially limit user connectivity. This could also influence usage statistics of these crypto assets. Financial implications include possible restrictions on the use of assets like ETH and BTC. While not directly mentioned in the letters, on-chain activities could face hindrance due to bank data access limitations.
Open Banking Practices Under Threat
Historically, open banking rules have enabled free sharing of banking data with fintechs. The Biden-era rule was contested by banks but remains a touchstone for ensuring consumer freedom in financial innovation.
