U.S. Crypto Coalition Warns Bank Data Fees Could Cut Off Stablecoins and Wallets
A coalition of U.S. crypto, fintech and retail groups is uniting to defend open banking, warning in a letter that big banks’ attempts to charge for data access could choke off the connections between the financial system and digital wallets and stablecoins.
Groups including the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores and the National Retail Federation have written to the Consumer Financial Protection Bureau (CFPB) asking the regulator to preserve key protections in its pending Rule 1033.
The rule would give consumers the right to freely share their financial data with third-party services, allowing them to connect bank accounts to crypto exchanges, stablecoin wallets and…
