Evolution journalist
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Evolution journalist
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Involve
A coalition of Crypto and Fintech leaders will pressure US President Donald Trump to prevent banks from imposing new fees to access customer data, and warn that these fees can undermine innovation and the choice of consumer.
Main meals:
- Crypto and Fintech leaders urged President Trump to prevent the bank’s fees to access customer data.
- Disputes focus on the 2024 open banking base from Biden, which gives free access to bank data.
- Banks accuse the encryption industry of searching for special treatment and government -backed price controls at their expense.
in Message sent WednesdayExecutive managers accused the main banks of trying to “maintain their position in the market by imposing fees” access to the new “new account” that would make consumers difficult to connect their accounts to alternative financial products.
The signatories included Gemini, Robinhood, the Innovation Cross and Blockchain Association.
The encryption leaders tell that Trump Bank data fees may paralyze US digital financing
The group argued that these drawings will harm the American encryption, artificial intelligence, and digital payments, which are likely to close the services that depend on banking.
The letter stated: “The cutting of this connection will lead to the transmission of innovation abroad and reduce the influence of the United States,” the message, which links the issue directly to the Trump -supporter business schedule.
The conflict stems from an “open banking base” that was completed in October 2024 by the Financial Consumer Protection Office during the era of former President Joe Biden.
The base granted customers the right to share their banking data with third -party service providers without any cost, a step that the encryption companies celebrate on a large scale but their opposition by bank trade groups, which filed a lawsuit against them.
Trump initially supported the efforts to cancel the base and separate with banks, but he reflected the path in late July under pressure from the encryption industry.
Since then, his administration has told a federal judge that it will keep the base in place while working on a revised version.
The encryption companies say free access to data is necessary to integrate bank accounts with their platforms, allowing smooth transfer to Crypto.
The message argued to Trump that the fees imposed by the bank can “paralyze innovative products” and display lines on the slopes on the ecosystem of digital assets, undermining the president’s goal of making the United States a safe patch for encryption.
Banking groups, led by the American Banking Association, fell strongly on Wednesday. They accused the encryption industry of searching for “government prices reform” and demanding special treatment.
“The double standard that you want to perpetuate, as it may receive fees for service while banks are expected to provide the same service to these private companies for free, is ridiculous,” ABA said in a statement.
ABA framing the signers on the speech as “brokers men” who are trying to benefit from the policies of the Baiden era “for personal profit” while taking advantage of the investments of large banks in data security.
Trump administration pays Al -Muayyad’s agenda
The Trump administration has developed its pro -rental agenda this week with a series of politics and organizational.
President Trump has signed an executive order urging the organizers to remove barriers that prevent the plans of 401 (K) from including alternative assets such as cryptocurrencies.
If implemented, reforms can allow millions of Americans to customize bitcoin pension funds and other digital assets through the organized channels.
Trump also nominated Stephen Miran, a lawyer for digital assets, to the Federal Reserve Governor, indicating the continuity in his position in support of bullets.
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2025-08-15 07:09:00
