Crypto, Fintech executives urge Trump to block the data costs of banks

A group of Crypto and Fintech managers has urged the Trump administration to prevent banks from charging costs for access to their customer data, arguing that it stifles innovation and customer choice.

In a recent letter Sent to the president, the group claimed to share “the Trump administration’s commitment to a dynamic and competitive economy”, but said that “the shared vision of economic freedom is directly threatened with the largest banks in the country”.

It is after JPMorgan has declared the Fintech and data aggregators that rely on the bank’s customer data that access to customer information will no longer be freely available. PNC Financial Services Group Inc. also plans to charge similar costs. These costs should have an impact on the market in September, according to the group.

The letter included the participation of managers such as Andreessen Horowitz, Alex Rampell, the CEO of the association of the Blockchain Summer Mersinger, the co -founders of Gemini Tyler and Cameron Winklevoss and the founder and CEO of Plume Network Christopher Yin.

The president and chief executive officer of Robinhood, Vlad Tenev, the co-founder and CEO of Stripe, Patrick Collison, and the CEO and founder of Shopify, Tobi Lütke, also joined the effort.

The Mission of the Trump administration to build a modern economy under the threat

Trump campaigned to make the United States the cryptographic capital of the world before the presidential elections last year.

The cryptography industry, which was then attacked by Securities and Exchange Commission of the United States, supported Trump’s campaign up to hundreds of millions of dollars in order to cause changes.

“Your administration has been decisively to correct the wrong policies of the past and laid the foundations for the United States to build a truly 21st century economy,” wrote the group, before saying that this hard work of the Trump administration “is actively threatened” by large banks.

2 / We ask @Potus To prevent the country’s largest banks from imposing these exorbitant costs, which would prevent Americans from linking their bank accounts to the financial tools and services they wish to use.

– Financial Technology Association (@Fintechassoc) August 14, 2025

Thanks to “exorbitant” account access costs, the group alleges that these large banks are trying to “prevent consumers from connecting their accounts to better financial products of their choice”.

If the Trump administration does not intervene soon, the group maintains that it will result in a “dangerous legal interpretation” that the right of a customer to information from his account does not mean that he can freely share access to data with “a confidence application acting in their name”.

This will undermine the “long -standing principle of consumers’ choice,” said the group of Crypto and Fintech leaders.

“We urge you to use the full power of your office and the administration in general to prevent the biggest institutions from raising new obstacles to financial freedom,” they wrote.

These problems are focused on an “open banking rule” which was finalized in October of last year by the Consumer Financial Protection Bureau (CFPB) under the former administration Joe Biden. This rule allows customers to freely share banking data with fintech.

Although the rule was welcomed by the cryptographic community, banking groups in the banking industry opposed it. They then continued the CFPB.

Trump initially pointed out that he would be satisfied with the banks and would kill the rule. However, he was back his decision towards the end of July in the middle of the pressure of cryptographic lobbyists and finally chose to maintain the rule in place.

His administration then told a judge that the rule would remain in place until it creates a new one that aligns better with the president’s policies.

Banking groups have laughed back on complaints from managers

Banking groups, led by the American Bankers Association, have countered the letter in a press release And accused the leaders of Crypto and Fintech of having tried to “undermine free markets and to engage in the fixing of government prices”.

According to banking groups, fintech and cryptography leaders are trying to perpetuate a “absurd” standard standard by which they can charge costs for access to information, but always expect banks to provide the same free service.

Banking groups indicate what they believe to be the facts (source: American Bankers Association))

Bankers also responded to the allegations of cryptographic and fintech executives according to which the costs offered by banks are an anti -competitive maneuver designed to “consolidate power”.

According to bankers, the costs of accessing information from their account align with the standard practice of companies which offer access to API to data.

They stressed that Amazon Web Services, Microsoft Azure, X (formerly Twitter), Google and others do it. According to banking groups, even some of the companies that have signed the letter sent to Trump also do.

The bankers added that they “strongly supported” the efforts of the Trump administration to “cancel the regulatory restrictions on the banks that engage with cryptographic companies”.

Trump targets the gambling with a new decree

The confrontation between crypto and traditional banking industries comes after Trump signed a decree earlier this month that seeks to punish banks that restrict services to certain customers. During the old Biden administration, this often included companies operating in cryptographic space.

Under the new order, federal banking regulators are required to remove the language of the “reputation risk” of their advice to loan establishments. This large concept, according to Crypto and other companies, has forced traditional lenders to refuse them in the past.

The ordinance also orders regulators to investigate the question of whether banks have policies that allow them to participate in “illegal dispenser”.

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