Ten leading fintech and crypto associations have asked President Donald Trump to block what they describe as a direct attack on innovation by major banks. They want the White House to stop JPMorgan and other large banks from charging new fees for access to consumer banking data, warning that such fees could hurt stablecoin adoption and slow the growth of digital finance.
These fees could affect the future of digital wallets, stablecoins, and user-controlled finance. The conflict centers on how Americans move money between their bank accounts and crypto services. Many use apps like Plaid or MX to link their banks with platforms such as Coinbase and Kraken.
These apps rely on access to customer-approved account data. Until now, that data flow was free. JPMorgan has now told data aggregators that they must start paying. Reports suggest Plaid alone could face up to $300 million in annual charges.
Stablecoin use may drop if rule fails
That cost could crush fintech companies and block millions of users from easy access to digital assets. Industry groups say this move would undermine the growing crypto economy. If aggregators pass on the cost, wallet apps and exchanges may lose customers.
That would harm self-custody options and limit the use of stablecoins like USDC and USDT. This clash comes just as a new rule from the Consumer Financial Protection Bureau faces legal pressure. Known as Rule 1033, it requires banks to offer consumers free access to their own financial data.
It also lets users share that data with third-party tools. Banks sued to stop the rule. Now, the CFPB has asked the court to cancel it altogether.
The associations warned that weakening this rule would give banks more control over data.
Fintech groups warn of data access threat
They said that the future of digital finance is at risk if banks can block or price access to personal information. They believe this control could limit competition, raise costs, and hurt American innovation. They have urged Trump to act before July 29.
That is the deadline for the administration to submit its views in the ongoing court case over Rule 1033. The letter from these trade groups says the open banking rule supports American leadership in finance.
It calls on the President to defend consumer rights and protect financial freedom. The debate now moves to the courtroom and the White House. The outcome could shape who controls access to financial data, and what role crypto will play in America’s future.