Crypto and Fintech leaders urge Trump to ban bank data fees threatening innovation

 A coalition of more than 80 crypto and fintech executives called on former President Donald Trump to prevent banks from imposing fees for access to customer data. The group warned that such charges could stifle competition and harm consumer choice, threatening the growth of the U.S. digital finance ecosystem.

The letter, sent Wednesday, accused major banks of trying to “preserve their market position by imposing exorbitant new ‘account access’ fees” that would hinder consumers from connecting their accounts to better financial products. Leading supporters of the letter include crypto exchange Gemini, trading platform Robinhood, and lobbying organizations such as the Crypto Council for Innovation and the Blockchain Association.

Crypto and Fintech executives rally against bank data fees

The push comes in the wake of the Consumer Financial Protection Bureau’s “open banking rule,” finalized under the Biden administration in October last year. The rule allows customers to share bank data with fintech firms at no cost, a change that the crypto community widely welcomed.

Initially, Trump sided with traditional banks in opposing the rule, but following pressure from the crypto lobby, his administration indicated in late July it would leave the rule in place while crafting a new version. The letter argues that data access fees could “cripple innovative products” and shut down fintech services, undermining Trump’s stated goal of positioning the U.S. as a global leader in crypto adoption.

Banks push back against government intervention

Banking groups, led by the American Bankers Association, criticized the crypto and fintech push, calling it government price fixing. They argued that it is unreasonable to expect banks to provide costly services for free while fintech companies charge customers. The letter was described by banks as a middlemen attempt to mislead Trump into supporting policies that would benefit private interests at taxpayer expense.

The clash highlights ongoing tensions between traditional banking institutions and the rapidly growing crypto sector. The debate extends beyond data fees, with banking groups recently calling on Congress to close a loophole allowing stablecoin issuers to pay token holders yields through affiliates.

Despite resistance, crypto executives argue that eliminating bank-imposed fees is crucial for maintaining “safe, reliable on-ramps” from traditional banking into the digital asset ecosystem. They warned that failing to act could drive innovation offshore and diminish U.S. influence in the global digital economy.