Senator Lummis Backs Open Banking for Crypto Growth
Senator Lummis says open banking is key for U.S. crypto innovation, warns banks against blocking progress.
- Senator Lummis supports open banking to boost crypto innovation
- She warns banks could stifle competition by opposing the rule
- Lack of reform may push crypto businesses overseas
Lummis: Open Banking Key to U.S. Crypto Leadership
U.S. Senator Cynthia Lummis, a vocal advocate for digital asset adoption, is pushing for open banking regulations to keep America at the forefront of financial innovation. In a recent statement, Lummis emphasized that modernizing financial access is essential for crypto and fintech growth in the U.S., especially as global competition heats up.
Open banking, which enables consumers to share their financial data with third-party apps and services, has already gained momentum in Europe and parts of Asia. Senator Lummis believes it’s time the U.S. followed suit—or risked falling behind.
Warning to Big Banks: Don’t Block Innovation
Lummis didn’t mince words. She directly warned that large U.S. banks resisting open banking rules are effectively stifling competition and creating barriers for new players, particularly in the crypto space. By blocking access to basic financial infrastructure, these institutions may be pushing crypto entrepreneurs to friendlier jurisdictions abroad.
This isn’t just a regulatory issue—it’s an economic one. With countries like the UK, Singapore, and the UAE actively embracing digital assets, the U.S. risks losing talent, investment, and innovation if it doesn’t modernize its financial framework.
A Call to Protect U.S. Financial Leadership
Lummis has long supported clear crypto regulation and innovation. Her latest push for open banking reflects a broader strategy: to ensure the U.S. remains a hub for responsible crypto development, not a place where innovators feel shut out.
For the crypto industry, her comments signal continued political support at the federal level—but also a warning that time is running out to act.
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