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Crypto and Fintech Leaders Urge Trump to Scrap Bank Data Access Fees

Industry executives warn President Trump that bank-imposed data access fees could harm U.S. crypto, AI, and digital payment sectors, urging alignment with his pro-crypto agenda.

Fact Check
Multiple credible sources directly corroborate the statement. Specifically, Cointelegraph reports that 'Crypto and fintech executives have urged Donald Trump to stop banks from charging fees to access customer data,' and The Information states that these industries have launched a 'fight to block bank fees' and are looking to the 'Trump administration's plan' for a solution. The context provided by other sources indicates this is a reaction to plans by major banks, like JPMorgan Chase, to introduce such fees.
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Summary

A coalition of crypto and fintech leaders, including Gemini, Robinhood, the Crypto Council for Innovation, and the Blockchain Association, has urged U.S. President Donald Trump to prevent banks from introducing high 'account access' fees. In a letter sent Wednesday, they argued such charges would hinder consumers from connecting bank accounts to alternative financial services, damaging the cryptocurrency, artificial intelligence, and digital payments industries. The dispute stems from a 2024 Biden-era Consumer Financial Protection Bureau rule granting free data access, which banks opposed and sued to block. Initially siding with banks, Trump reversed course in July under crypto industry lobbying, agreeing to keep the rule in place while revising it. The letter links free data access to Trump's goal of making the U.S. a crypto safe harbor. The American Bankers Association dismissed the push as self-serving. Separately, Trump signed an executive order encouraging retirement plans to include cryptocurrencies and nominated pro-digital asset economist Stephen Miran to the Federal Reserve Board.

Terms & Concepts
  • Account Access Fees: Charges imposed by banks on third parties seeking access to customer account data, impacting fintech and crypto service integrations.
  • Crypto Council for Innovation: An industry group advocating for regulations and policies that foster cryptocurrency innovation and adoption.
  • Blockchain Association: A U.S. trade organization representing blockchain and cryptocurrency companies in policymaking and regulatory discussions.