More than 80 executives from the crypto and fintech industry have signed a letter urging the Trump administration to prevent customer data access fees.
Concerns about competitiveness
The letter's signatories warn that imposing access fees for financial data could harm competitiveness and limit startups' ability to innovate. Many of these innovations depend on open access to customer banking data.
Trump's role in the issue
By appealing to former President Trump, who markets himself as pro-business and anti-regulation, the group seeks his support in shaping policies that uphold open banking principles. They claim that allowing fees would further entrench the power of large banks and diminish the competitive edge of US-based fintech companies.
Long-term implications for the financial industry
Crypto and fintech leaders emphasize that charging for data access will disproportionately hurt smaller firms and emerging startups. Unlike large financial institutions, these new companies might not withstand the extra costs, possibly leading to a decrease in the services available to consumers.
These developments highlight the growing tensions between traditional financial institutions and technology-driven disruptors as both try to shape the future of finance.
