Crypto, fintech lobbies urge Trump to defend open banking amid big banks’ legal challenge

A coalition of crypto, fintech, and retail trade groups has urged President Donald Trump to take a firm stance in defending the nation’s open banking framework, warning that legal challenges by major banks threaten consumer data rights and could derail the administration’s innovation agenda.

In a July 23 letter, the Financial Technology Association, Blockchain Association, Crypto Council for Innovation, and several national retail groups said that big banks are attempting to “unwind progress” made under Trump’s leadership by imposing high data access fees and challenging the open banking rule in court.

The groups claim that these actions could restrict Americans from using digital wallets, payment apps, and investing platforms…

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