Crypto, fintech execs want Trump to ban bank fees for customer data
Over 80 crypto and fintech executives asked the Trump administration to stop banks from levying data access fees, which threaten their business models.
A group of crypto and fintech executives urged US President Donald Trump to block banks from charging fees for access to their customer data, arguing it stifles consumer choice.
A letter sent to Trump on Wednesday accused big banks of looking to “preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice.”
Crypto exchange Gemini, trading platform Robinhood, along with crypto lobby groups the Crypto Council for Innovation and the Blockchain Association, backed the letter, which claimed the fees would cripple the US crypto, artificial intelligence and digital payments industries.