Cryptocurrency and FinTech Executives Urge Trump to Ban Banks from Charging Customer Data Fees

BlockBeats News, August 15th, more than 80 executives from the cryptocurrency and fintech industry jointly wrote to U.S. President Donald Trump, accusing banks of charging fees to access customer data, describing this practice as stifling consumer choice. The letter accused large banks of attempting to "maintain their market dominance by levying exorbitant new 'account access' fees, which would prevent consumers from linking their accounts to better financial products of their choice." The Biden administration had previously tried to promote open access to bank customer data, but faced opposition from the banking industry, hindering its implementation. U.S. President Trump later stated that fee regulations would remain in effect until new guidelines are released.

CEX Gemini, trading platform Robinhood, as well as cryptocurrency advocacy groups the CryptoCurrency Innovation Commission and the Blockchain Association supported this letter, claiming in the letter that these fees would undermine the U.S. cryptocurrency, artificial intelligence, and digital payment industry. (Cointelegraph)