Open Banking Battle: Crypto Orgs Urge Donald Trump to Step In
Main Idea
Crypto organizations are urging Donald Trump to intervene in the open banking battle, arguing that financial data belongs to individuals and advocating for policies that support innovation and American values.
Key Points
1. Groups like the Blockchain Association and Crypto Council for Innovation sent a letter on July 23, 2025, urging big banks to support open banking policies.
2. The letter emphasizes that financial data belongs to individuals and aligns with core American values like innovation and liberty.
3. Banking and credit union groups have separately asked US regulators to clarify their stance on open banking and crypto-related policies.
4. The push for open banking aims to position the US as a global leader in finance while ensuring fair access for crypto companies.
Description
A group of trade organizations representing the crypto, fintech, retail, and restaurant industries has asked US President Donald Trump to support rules that let people share their financial data with apps and services of their choice .
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