Crypto Executives Warn Trump Bank Data Fees Could Stifle Innovation
Major US crypto and fintech leaders have raised alarms over potential bank-imposed fees for accessing customer account data, warning they could restrict competition and innovation in digital finance.
Executives from Gemini, Robinhood, and lobbying groups including the Crypto Council for Innovation and the Blockchain Association signed a letter to President Donald Trump, claiming banks are seeking to “preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice.”
Are Banks Threatening Consumer Choice With Fees
The letter argued that such charges could damage the US crypto, AI, and digital payments sectors, potentially shutting down services that rely on seamless bank connectivity.
The executives stressed,
“America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting our banking system to the new ecosystem. Severing this connection will drive innovation offshore and diminish U.S. influence.”
Trump Shifts Stance on Open Banking Rule
The dispute revolves around the Consumer Financial Protection Bureau’s open banking rule, finalised in October 2024 under former President Joe Biden.
The regulation allows customers to share financial data with third-party providers at no cost—a move widely welcomed by crypto firms but opposed by banking trade groups.
Initially, Trump sided with banks in their efforts to block the rule but reversed his position in late July after lobbying pressure from the crypto sector.
His administration has informed a federal judge that it will maintain the rule while preparing a revised version.
Free Access Critical for Crypto Platforms
Crypto exchanges and fintech platforms rely on bank data to link user accounts, enabling easier fiat-to-crypto transfers and integration with digital services.
The letter warned that fees could “cripple innovative products” and jeopardise access to the digital asset ecosystem, undermining Trump’s stated goal of making the US a safe harbour for crypto.
Banks Push Back Against Claims
Banking groups, led by the American Bankers Association, dismissed the letter as an attempt at “government price fixing.”
The ABA said,
“The double standard these companies want to perpetuate, where they may charge fees for service while banks are expected to provide the same service to these private companies for free, is absurd.”
They framed crypto firms as “middlemen trying to mislead” the administration while profiting from banks’ investments in data security.
Crypto Lobby Expands Pressure Amid Stablecoin Debate
The conflict comes as banks and crypto companies clash over other financial issues, including stablecoin regulation.
Banking groups have urged Congress to address what they describe as a loophole allowing stablecoin issuers to pay yields through affiliates.
Meanwhile, leading banks, including JP Morgan, have begun preparing to charge fees for account data access, sending pricing sheets to intermediaries that connect fintechs and banks.
This move was highlighted in the letter as threatening consumer choice.
Trump Administration Pushes Pro-Crypto Policies
The White House has continued advancing pro-crypto measures.
Trump signed an executive order encouraging the removal of barriers preventing 401(k) plans from investing in digital assets.
Additionally, economist Stephen Miran, a digital asset advocate, was nominated to the Federal Reserve Board of Governors, signalling ongoing support for crypto-friendly policies.
The letter concluded with an appeal to the president:
“We urge you to use the full power of your office and the broader Administration to prevent the largest institutions from raising new barriers to financial freedom.”
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