Fintech and cryptocurrency associations warn that JPMorgan's fees could unbank millions, jeopardizing stablecoin adoption and open banking principles.
Ten major fintech and cryptocurrency associations have called on President Trump to intervene against JPMorgan's fees for accessing consumer banking data. They warn these charges threaten to unbank millions of Americans and could hinder the adoption of stablecoins and self-custody wallets. The letter asserts that financial data belongs to the public, urging the White House to act before July 29 to protect consumers' rights to free access to their banking data.