A coalition of leading crypto and fintech groups has called on Donald Trump to support open banking legislation amid legal disputes with major banks.
Crypto Groups' Appeal to Trump
In a letter sent on July 23, several leading crypto and fintech groups urged the Trump administration to support the open banking rules in the U.S. These rules allow consumers to control their financial data.
Conflict Between Crypto and Traditional Banks
Major banks, such as JPMorgan, are challenging these rules, citing potential competitive disadvantages. The crypto industry argues that financial data belongs to the American people and emphasizes that large banks impose high fees for the use of data by third-party applications.
Implications for Financial Technologies
The outcome of this legal battle may shape the future of DeFi, stablecoins, and fintech infrastructure in the U.S. Increasing fees could stifle innovation in the financial technology sector, negatively impacting both consumers and businesses.
"Financial data belongs to the American people, not the banks" – statement from the Blockchain Association representative.
The conflict between the crypto industry and traditional banks highlights the importance of open access to financial data. The outcome of legal disputes could significantly impact the development of financial technologies in the U.S.
