Ten of the largest commercial associations in Fintech and Crypto have asked President Donald Trump to intervene in what they say is a coordinated attack of large banks to quell innovation and block competitors.
In a letter sent on Wednesday, the groups, which include the Blockchain Association, and the Crypto Council for Innovation, warned that JPMorgan’s plan to collect rates for access to consumers’ banking data threatens to eliminate millions of Americans and could paralyze the adoption of nausea (USDC, USDT) and wallets Autochostody.
In the center of the fight is how Americans finance wallets and digital exchanges. The aggregators such as Plaid and MX allow consumers to transfer funds from their bank accounts to platforms such as Coinbase or Kraken. These connections are based on direct access to user permit data.
Until now, banks have allowed that access without charging rates. However, JPMorgan has begun to inform the aggregators that they will have to pay for it, reportly up to $ 300 million per year only for the cadres alone, which would amount to more than 75% of the company’s income.
“Let’s be clear: financial data belong to the American people, not to banks,” says the letter. “By challenging open bank, larger banks have a direct opposition to their vision of making the United States the worldwide capital of financial innovation.”
The letter urges the White House to act before July 29, when the administration must present a legal summary in the judicial battle on the open banking rule of the consumer financial protection office.
The CFPB open banking rule, completed at the end of 2024 as rule 1033, requires banks to provide consumers free access to their account data and allow them to share it with third -party services.
The rule was destined at leveling the playing field between banks and Fintechs. But Banks sued to block it the day that was over, and since then the CFPB has asked the court to annul the rule completely.
In a publication on X, Kraken’s co-zoo, Arjun Sethi, called the JPMorgan movement, a “calculated change” that converts the user generated data into a toll, warning that the industry is witnessing a family pattern of centralization that becomes control.
“There is a version of the future in which each financial interaction is intermediated by systems that monitor, the price and access to the gates to their own data,” he wrote. “Crypto presents an alternative. But that alternative is not guaranteed.”
