Crypto Execs Urge Trump to Block Data Access Fees
Crypto leaders ask Trump to stop banks from charging data access fees, warning it could limit consumer control and innovation.
- 80+ crypto and fintech execs push back against data access fees.
- They say fees will limit consumer choice and slow innovation.
- The group urges Trump to step in and block the proposal.
More than 80 executives from the crypto and fintech industry have signed a letter urging the Trump administration to prevent traditional banks from charging fees for customer data access. These leaders argue that such fees could seriously harm consumer choice and create barriers to innovation in the financial sector.
The letter, addressed to top U.S. policymakers, warns that imposing charges for access to financial data would reduce competition and limit the ability of startups to build innovative solutions. Many of these solutions rely on open access to customer banking data to offer tailored services like budgeting apps, lending platforms, and investment tools.
A Threat to Open Finance?
The fintech and crypto leaders emphasize that charging for data access would disproportionately hurt smaller companies and emerging startups. Unlike large financial institutions, startups may not be able to absorb these new costs, which could lead to reduced services for consumers.
They believe that consumers should have full control over their financial data without facing unnecessary barriers. Charging for access would, in their view, effectively put a price on consumers’ right to use their own financial information.
Why Trump’s Role Matters
By appealing to former President Donald Trump, who has positioned himself as pro-business and anti-regulation, the group is hoping to gain support in shaping policy that protects open banking principles. They argue that allowing fees would cement the power of big banks and reduce the competitive edge of U.S.-based fintech companies in the global market.
This push reflects growing tensions between traditional financial institutions and tech-forward disruptors as both seek to shape the future of finance.
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