Crypto Executives Ask Trump to Block Bank Fees for Customer Data Access

Key Points

1. The group, including Gemini, Robinhood, and the Crypto Council for Innovation, sent a letter to Trump accusing major banks of trying to preserve their market position by imposing high 'account access' fees.

2. The dispute stems from an 'open banking rule' finalized in October 2024 by the Consumer Financial Protection Bureau under former President Joe Biden, which banking trade groups sued to block.

3. The letter argues that bank-imposed fees could cripple innovative services dependent on bank connectivity and undermine Trump's goal of making the U.S. a safe harbor for crypto.

4. The American Bankers Association (ABA) criticized the crypto industry's request, framing it as seeking 'government price fixing' and special treatment, and accused the signatories of leveraging Biden-era policies for personal profit.

5. The issue is part of a broader debate over bank fees and data access, with crypto leaders warning that such fees could create barriers to innovation and consumer control over banking data.