Crypto companies ask Trump to block bank data fees

Crypto companies ask Trump to block bank data fees

Crypto and fintech leaders want President Donald Trump to stop banks from imposing new charges on customer data access, warning that such fees could curb innovation and limit choice.

Banks disputed the letter and its contents. The American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association said crypto companies want a “free ride” at the expense of banks.

The Financial Technology Association released a public letter from more than 80 business leaders urging Trump to oppose consumer data access fees.

The letter said the nation’s largest banks could start imposing these fees in September.

“Large banks are taking aggressive action to preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice,” the FTA letter notes. “This access is critical to ensuring Americans have control of their own financial lives in a digital economy. More fundamentally, they are advancing a dangerous legal interpretation that a consumer’s right to their account information does not include the freedom to share access to a trusted application acting on their behalf.”

The letter warned: “If the large banks are successful, it will choke off access to the finances of consumers and businesses, effectively killing competition and crippling American innovation.”

The letter was signed by Gemini, Robinhood, the Crypto Council for Innovation, and the Blockchain Association, among others.

Will Hild, executive director of Consumers’ Research, called the fees a “Wall Street shakedown.”

“This letter sent to President Trump is a wake-up call to every American who values competition and consumer choice. Big banks are trying to strangle innovation and rob Americans of their financial freedom,” he said. “These new ‘account access fees’ are nothing more than a Wall Street shakedown designed to block competitors and keep consumers trapped in a system built for and by the big banks. The Trump Administration should shut this down immediately.”

The FTA letter said the fees were designed to blunt competition.

“This is not a dispute over fair pricing; it is an anti-competitive move designed to consolidate power. It threatens to cripple innovative products and may cause small businesses and financial tools to shut down entirely,” the letter said. “With these fees set to impact the market in September, the White House should act immediately. Account access fees are not permitted under the law, and if they are allowed to go into effect it will undermine the pro-innovation consensus your Administration is building.”

Banks disputed those allegations, saying crypto companies are on the wrong side of the issue.

“Today’s letter is another extraordinary example of data aggregators and middlemen trying to mislead the Administration into supporting Biden-era policies for personal profit and the right to free ride off the major investments banks have made in protecting consumers’ data,” according to the American Bankers Association, the Bank Policy Institute and Consumer Bankers Association. “The double standard these companies want to perpetuate, where they may charge fees for service while banks are expected to provide the same service to these private companies for free, is absurd.”

The bank groups added: “The Administration has taken bold actions to strengthen U.S. competitiveness, enable innovation and protect consumers from bad actors. We look forward to seeing a personal financial data rights rule that comports with the statute, protects consumers and ensures a level playing field to encourage innovation, a process the Consumer Financial Protection Bureau has already begun.”

Events

26 Aug
28 Aug
28 Aug
29 Aug
30 Aug
30 Aug 25
30 Aug
30 Aug 25

Leave a Comment





Latest News Stories

Possible 'agreement' reached in Trump-Putin meeting; more discussion likely

Possible ‘agreement’ reached in Trump-Putin meeting; more discussion likely

By Morgan SweeneyThe Center Square It appears an “agreement” was reached in the Friday meeting between Russian President Vladimir Putin and American President Donald Trump, but the nature of that...
WATCH: Gun rights supporters celebrate 9th Circuit’s ruling against CA gun rationing law

WATCH: Gun rights supporters celebrate 9th Circuit’s ruling against CA gun rationing law

By Carleen JohnsonThe Center Square Gun rights supporters are celebrating what they call a significant victory after the 9th Circuit Court of Appeals issued a mandate on Thursday overturning California’s...
Feds sue California over emission standards for trucks

Feds sue California over emission standards for trucks

By Jamie ParsonsThe Center Square The U.S. Department of Justice is suing California to stop what it calls “unlawful” emission standards for heavy-duty trucks. The California Air Resources Board is...
Illinois quick hits: 'Lawsuit inferno' bill takes effect after Pritzker signed 267 measures Friday

Illinois quick hits: ‘Lawsuit inferno’ bill takes effect after Pritzker signed 267 measures Friday

By Jim Talamonti | The Center SquareThe Center Square 'Lawsuit inferno' bill takes effect Gov. J.B. Pritzker has signed legislation which led the American Tort Reform Association to label Illinois...
WATCH: UW-authored study on surgery times contradicts CMS basis for reimbursement cuts

WATCH: UW-authored study on surgery times contradicts CMS basis for reimbursement cuts

By Carleen JohnsonThe Center Square New findings published in the Journal of the American College of Surgeons contradict the Centers for Medicare & Medicaid Services, or CMS, claim that surgery...
State defends gun ban district court ruled unconstitutional

State defends gun ban district court ruled unconstitutional

By Greg Bishop | The Center SquareThe Center Square (The Center Square) − Ahead of oral arguments over Illinois’ gun ban in the federal appeals court, attorneys for the state...
Trump aiming for ceasefire, world awaiting news from Putin summit

Trump aiming for ceasefire, world awaiting news from Putin summit

By Morgan SweeneyThe Center Square President Donald Trump is meeting with Russian President Vladimir Putin in Alaska Friday in the hopes of negotiating a ceasefire or initial steps toward peace...
Pritzker acts upon 269 bills, vetoes 2, signs 'lawsuit inferno' measure

Pritzker acts upon 269 bills, vetoes 2, signs ‘lawsuit inferno’ measure

By Jim Talamonti | The Center SquareThe Center Square (The Center Square) – In a Friday announcement of the status of 269 bills, Gov. J.B. Pritzker has signed legislation which...
Report: average American to receive $3,752 tax cut in 2026 due to OBBBA

Report: average American to receive $3,752 tax cut in 2026 due to OBBBA

By Thérèse BoudreauxThe Center Square The White House is touting a new economic analysis that estimates taxpayers will see an average $3,752 tax cut in 2026, due to provisions in...
Republican, Dem work to prevent deportation of entrepreneur

Republican, Dem work to prevent deportation of entrepreneur

By Chris WoodwardThe Center Square It is not every day that people on opposite sides of the political spectrum join forces, but that is exactly what Lisa Everett and Brent...
Nevada superintendent says ICE won't enter schools

Nevada superintendent says ICE won’t enter schools

By Liam HibbertThe Center Square The superintendent of the nation's fifth-biggest school district said U.S. Immigration and Customs Enforcement agreed to not conduct raids or arrests in schools in Las...
Ad Hoc.8.12.25.3

Will County Updates Solid Waste Ordinance, Increases Fines and Reporting to Landfill Committee

Article Summary: The Will County Ad-Hoc Ordinance Review Committee advanced an updated solid waste ordinance that doubles the maximum fine for violations and requires the county auditor's annual report to...
Ad Hoc.8.12.25.2

Citing Liability Concerns, Will County Committee Postpones Vote on Septic System Ordinance

Article Summary: The Will County Ad-Hoc Ordinance Review Committee postponed a vote on updating its sewer and sewage disposal ordinance after a member raised significant concerns about the county's liability...
Ad Hoc.8.12.25.1

Will County Moves to Repeal Obsolete 1972 Fire Hydrant Ordinance

Article Summary: An ordinance from 1972 regulating the placement and specifications of fire hydrants in Will County is set to be repealed after the Ad-Hoc Ordinance Review Committee approved its...
MAHA-style bill would close food additive safety loophole

MAHA-style bill would close food additive safety loophole

By Thérèse BoudreauxThe Center Square With deregulation-focused Republicans in Congress reluctant to fulfill the industry-wary goals of the Make America Healthy Again initiative, some Democrats are taking up the torch....