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Industry leaders warn new fees could hinder innovation, consumer choice, and U.S. competitiveness
More than 80 executives from crypto and fintech firms are pressing President Donald Trump to prevent U.S. banks from charging customers and third parties for access to bank account data. The group argued that the fees would restrict consumer choice, damage their businesses, and weaken America’s position in the global digital economy.
Among the signatories were leaders from Gemini, Robinhood, and industry lobbying groups including the Crypto Council for Innovation and the Blockchain Association. They contend that data access charges would create a barrier for millions of users who link their bank accounts to crypto exchanges, trading apps, and digital payment services.
Background: Trump’s reversal on the open banking rule
The debate stems from the Consumer Financial Protection Bureau’s open banking rule, finalized in October 2024 under President Joe Biden. That rule gave consumers the ability to share their banking data with fintech companies at no cost, a move widely welcomed by the crypto industry.
Banking trade associations opposed the regulation, claiming it unfairly imposed obligations on banks while exempting tech firms from similar requirements. They quickly filed lawsuits to block its implementation.
After taking office, Trump initially supported the banks and moved to eliminate the rule. But in late July 2025, following heavy lobbying from the crypto sector, his administration informed a judge it would leave the rule in place for now while working on a replacement.
Why the industry is fighting the fees
Crypto exchanges and fintech platforms rely on access to bank data for basic functions such as deposits and withdrawals. Without it, services that allow users to transfer money from their checking accounts into crypto or trading platforms would be disrupted.
In the letter, executives said that imposing fees could cripple some products and drive companies to shut down U.S. operations. They argued this would undermine Trump’s own pledge to make the United States a “safe harbor” for crypto innovation and could push development overseas.
The signatories also warned that limiting access to affordable data connections would slow the growth of artificial intelligence tools and digital payments infrastructure, sectors increasingly linked to the broader fintech ecosystem.
The stakes for U.S. competitiveness
Industry leaders framed the dispute as a question of national strategy. They said that America’s ability to lead in digital assets depends on reliable and low-cost ways to connect the traditional banking system to emerging platforms.
If banks raise barriers, the executives argued, smaller startups will struggle to survive, leaving the market to a handful of large firms or shifting growth to regions with more open policies.
Read more:
JPMorgan to Charge Fintech Aggregators for Data Access Amid Rising API Volume and System Strain
Banks reject the claims
Banking groups quickly pushed back, saying the industry is being asked to subsidize technology companies. The American Bankers Association, representing major U.S. lenders, accused crypto and fintech firms of seeking government-backed price controls.
According to the banks, while crypto platforms charge users fees for services, they expect banks to deliver account data for free. Industry representatives said the new demands amount to allowing private companies to “free ride” on the costly security and infrastructure investments that banks have made to protect consumer data.
The banking lobby described the signatories as “middlemen” attempting to use political pressure to preserve business models rather than competing in the marketplace.
What comes next
The Trump administration now faces competing pressures: on one side, major U.S. banks defending their right to charge fees for data services; on the other, a crypto and fintech industry that helped fund Trump’s campaign and sees open access to data as critical to its survival.
While the administration has said it intends to draft a new version of the open banking rule, the details remain unclear. Until then, the dispute highlights the fragile balance between traditional finance and emerging digital platforms, and the growing importance of how data flows between them.
