Crypto Firms Urge Trump to Block Bank Data Fees

A coalition of crypto and fintech executives has called on US President Donald Trump to stop banks from charging fees for access to customer account data, warning such costs could stifle innovation and limit consumer choice.

In a letter sent Wednesday, the group accused major banks of trying to “preserve their market position by imposing exorbitant new ‘account access’ fees,” which they argued would prevent consumers from linking accounts to better financial products. 

The letter was backed by Gemini, Robinhood, the Crypto Council for Innovation, and the Blockchain Association, who claimed the proposed fees could damage the US crypto, AI, and digital payments sectors.

Trump’s Shift on Open Banking

The dispute centers on former President Joe Biden’s “open banking rule,” finalized by the Consumer Financial Protection Bureau in October last year, which allowed customers to share bank data with fintech firms for free.

While the crypto industry embraced the rule, banking groups strongly opposed it and sued the regulator. Trump initially sided with the banks, aiming to scrap the measure, but reversed course in late July after intense lobbying from the crypto sector. His administration has since told a judge it will keep the rule in place while working on a replacement.

Crypto platforms rely heavily on bank data connections for seamless transfers between user accounts and exchanges. The executives warned that fees could “cripple innovative products” or force them to shut down, undermining Trump’s pledge to make the US a global leader in digital assets.

Banks Push Back

The letter urged Trump to “use the full power of your office” to stop large institutions from creating barriers to “financial freedom,” adding that restricting bank-crypto connections would drive innovation offshore.

However, the American Bankers Association and other industry groups dismissed the plea, calling it an attempt to “undermine free markets” and secure “government price fixing.” They argued it was unfair for fintech firms to charge their customers while expecting banks to provide data access for free.

The clash comes as tensions rise between the banking and crypto sectors, with banks this week also urging Congress to close what they say is a loophole enabling stablecoin issuers to pay yields through affiliates.