Cryptocurrency and FinTech Executives Urge Trump to Ban Banks from Charging Customer Data Fees

On August 15th, more than 80 executives from the cryptocurrency and fintech sectors jointly sent a letter to U.S. President Donald Trump. In the letter, they accused banks of imposing fees for accessing customer data and characterized this practice as suppressing consumer choice. The letter alleged that large banks were trying to "preserve their market dominance by imposing excessive new 'account access' fees, which would prevent consumers from linking their accounts to better financial products that they preferred." The Biden administration had previously attempted to promote open access to bank customer data but had faced opposition from the banking industry, which had hindered its implementation. Later, U.S. President Trump stated that fee regulations would remain in effect until new guidelines were issued. CEX Gemini, the trading platform Robinhood, as well as cryptocurrency advocacy groups such as the CryptoCurrency Innovation Commission and the Blockchain Association supported this letter. They claimed in the letter that these fees would undermine the U.S. cryptocurrency, artificial intelligence, and digital payment industries. (Cointelegraph)