Fintech and crypto groups urge Trump to defend open banking rules as banks sue over data ownership and fees
Fintech and cryptocurrency advocacy groups have intensified pressure on President Donald Trump to defend open banking rules, as major banks challenge the regulations through legal action and financial barriers. A coalition representing the crypto, fintech, retail, and restaurant industries sent a July 23 letter urging the Trump administration to intervene in a lawsuit led by the nation’s largest banks, which argue the rules pose security risks and unfairly burden traditional financial institutions [1]. The letter, signed by groups including the Blockchain Association and the Financial Technology Association, emphasizes that financial data ownership should rest with consumers, not banks, framing the issue as a core American value tied…
