In brief
- U.S. Senator Cynthia Lummis (R-WY) has urged the Consumer Financial Protection Bureau to finalize its open banking rule, warning that banks have restricted access to industries they oppose, including digital assets.
- The rule, finalized on October 22, 2024, allows consumers to share financial data with third-party apps via APIs, critical infrastructure for connecting bank accounts to crypto exchanges.
- Banking industry groups sued the same day the rule was finalized, but a federal judge paused the lawsuit in July, granting the CFPB time to reconsider.
Pro-crypto lawmakers have demanded immediate action to prevent large banks from blocking Americans’ access to digital asset platforms and other financial services.
In a letter sent…
Oct 22 2025
