A coalition of ten financial technology and cryptocurrency industry groups has formally appealed to U.S. President Donald Trump regarding market competition concerns, notably highlighting JPMorgan Chase’s proposed charges for consumer banking data access.
The coalition—including the Crypto Innovation Council—warned these fees could obstruct the growth of major stablecoins like USDC and USDT, along with self-custody solutions, by imposing prohibitive costs on fintech providers requiring bank data connectivity.
Historically, banks provided consumer banking data access at no cost, but JPMorgan’s new fees—reportedly exceeding 75% of Plaid’s revenue—have sparked industry backlash.
The dispute centers around the Consumer Financial Protection Bureau’s open banking regulatory framework, which the CFPB has sought to retract. This issue is currently entangled in ongoing litigation over the agency’s financial data sharing rules.