Over 80 crypto and fintech executives, including from Gemini and Robinhood, urged President Trump to prevent banks from charging fees for customer data in the U.S.
The initiative, claiming risks to innovation, highlights potential disruption in the crypto sector and could impact key tokens like ETH, BTC, and stablecoins reliant on banking systems.
Crypto Leaders Push Trump to Block Bank Data Fees
Over 80 cryptocurrency and fintech executives have formally urged President Donald Trump to prohibit banks from charging fees for customer data access. These leaders argue that such fees could hamper innovation in digital payments and related sectors.
The initiative involves major industry players, including Gemini and Robinhood, alongside crucial industry associations. They emphasize that these proposed bank charges would prevent consumers from accessing innovative financial products freely. Tyler Winklevoss, CEO of Gemini, 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.”
US Crypto Sector Faces Potential Financial Setbacks
No specific monetary values are disclosed, but the public letter claims that the fees could potentially cripple the US crypto and digital payments industries. The primary tokens affected are expected to be those reliant on quick banking connectivity.
Historical trends show that restrictions on bank-fintech access, similar to this proposal, have previously led to disruptions such as liquidity challenges at crypto exchanges. The Consumer Financial Protection Bureau maintained its rule favoring open banking despite ongoing legal challenges.
Open Banking Rules Spur Crypto Community Support
Similar rules, such as the Biden-era open banking regulation, have faced legal opposition from banks but support from the crypto community. Historically, such measures have caused notable market disruptions, impacting token liquidity and pricing.
Experts from Kanalcoin suggest potential outcomes, warning that increased banking restrictions could pose significant threats to crypto-exchange operations. Based on past data and analysis, the proposed fees might significantly alter the existing financial landscape.
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