Major US cryptocurrency and fintech companies have requested that President Trump impose sanctions to prevent large banks from charging excessive fees for providing customer data. They expressed concerns that these fees limit consumer choice and hinder innovation.
The letter, delivered last Wednesday, was signed by Gemini, Robinhood, Crypto Council for Innovation, and Blockchain Association. They argued that banks are creating new barriers through so-called 'account access fees' to maintain market dominance and prevent consumers from connecting to better financial services. The letter also warned that introducing such fees could pose a serious threat to the cryptocurrency, artificial intelligence, and digital payment industries.
This matter is directly related to the 'Open Banking Regulation' announced by the Consumer Financial Protection Bureau (CFPB) during President Joe Biden's administration in October 2023. The regulation was introduced to allow customers to freely share fintech and bank data without additional fees. The cryptocurrency industry welcomed the measure, while the banking industry strongly opposed it and filed a lawsuit against the regulatory authorities.
Initially, President Trump also supported the banks' position. However, by the end of July, after Gemini co-founder Tyler Winklevoss claimed that JP Morgan blocked transactions with Gemini and faced organized pressure from the cryptocurrency lobby, he eventually changed his stance. The Trump administration has informed the court that it will maintain the current regulation while preparing new regulations.
The industry emphasized that data access fees could threaten the 'lifeline' of exchanges when they use bank data to streamline deposits and withdrawals when connecting user accounts. In their letter, they warned that "if the proposed fee structure is implemented, innovative services could collapse or completely disappear from the market." They added that this would also go against Trump's declared pro-cryptocurrency policy.
As the cryptocurrency industry is focusing on Trump's campaign promise to nurture digital assets as a core industry in his next term, this issue is expected to amplify calls for maintaining and expanding open banking regulations.
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