crypto lobby urges trump to defend open banking as banks push into stablecoins
A coalition of trade groups representing the crypto, fintech, retail, and restaurant industries is urging President Donald Trump to defend open banking rules under a so-called legal attack by the nation’s largest banks.
In a letter sent July 23, organizations including the Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association claim that the US’s most powerful banks are undermining innovation by suing to block the implementation of new open banking rules and imposing “stunning” new data fees on fintech and crypto apps.
On July 11, Bloomberg reported that JPMorgan plans to start charging fintech firms fees for access to their customers’ bank account data. According to pricing sheets sent…
