U.S. Senators Push for Swift Open Banking Rule Implementation to Safeguard Crypto Access

Key TakeawaysSenator Cynthia Lummis urged the Consumer Financial Protection Bureau (CFPB) to accelerate the rollout of open banking rules to ensure fair access to digital asset platforms.Lummis said large banks have restricted financial access to crypto companies and individuals with differing views.The Open Banking Framework, finalized in 2024, seeks to enable secure financial data sharing via APIs and strengthen crypto integration across U.S. financial systems.Industry groups also called on regulators to affirm that Americans—not banks—own their financial data.Senators Urge Action to Protect Crypto AccessAccording to ChainCatcher, U.S. Senator Cynthia Lummis has written to the acting director of the CFPB, advocating for the swift implementation of the Open Banking Framework.Lummis warned that large financial institutions continue to restrict access to financial services for certain industries and individuals — particularly those in the digital asset sector. She emphasized that opponents of crypto innovation must not be allowed to limit financial freedom or competition.“The ability to connect traditional bank accounts with crypto exchanges is vital for financial innovation,” she stated, urging the CFPB to ensure open banking principles are enacted without further delay.Open Banking Framework Seen as Key to Crypto IntegrationOriginally proposed in 2022 and finalized in 2024, the Open Banking Framework allows financial data to be securely shared through APIs, improving transparency, competition, and interoperability between banks and fintech or crypto platforms.Crypto industry organizations have also sent letters to the CFPB, stressing that individuals should control their own financial data, not major banks. Advocates argue that faster adoption of open banking will promote financial inclusivity and reduce discrimination against emerging industries like crypto.