More than 80 executives from cryptocurrency and fintech companies have called on President Donald Trump to prohibit bank fees for customer data access. They argue that such fees could negatively impact innovation in digital payments.
Crypto Industry Leaders Reach Out to the President
Among the signatories are major players like Gemini and Robinhood, alongside key industry associations. They emphasize that the proposed bank charges would hinder consumers' free access to innovative financial products. Gemini CEO Tyler Winklevoss stated, "We must ensure that innovation is not stifled by monopolistic banking practices. Free access to customer data is crucial for fintech, crypto, and for consumers themselves."
Potential Financial Setbacks for the Crypto Sector
While specific monetary values are not disclosed, the public letter claims that the fees could potentially "cripple" the US crypto and digital payments industries. Primary tokens expected to be affected rely on quick banking connectivity. Historical trends indicate that restrictions on bank-fintech access have previously led to disruptions such as "liquidity challenges" at crypto exchanges.
Open Banking Support from the Crypto Community
Similar rules, such as the Biden-era open banking regulation, have faced legal challenges from banks but received support from the crypto community. Experts warn that increased banking restrictions could pose significant threats to crypto-exchange operations.
The call from over 80 crypto and fintech leaders to President Trump highlights the significance of maintaining open access to banking data to protect innovation and financial market stability.
