Crypto and Fintech Groups Urge CFPB To Finalize Open Banking Rule

A coalition of fintech and crypto organizations, including the Blockchain Association and Crypto Council for Innovation, has called on the Consumer Financial Protection Bureau (CFPB) to advance open banking regulations. The push centers on Section 1033 of the Dodd-Frank Act, which would grant consumers greater control over their financial data.

Over 100 million Americans currently use open banking tools for services ranging from digital payments to crypto wallets. The groups warn that large banks are attempting to stifle competition by restricting data sharing. "The nation’s largest banks want to roll back open banking, weaken consumer financial data sharing, and crush competition," the coalition stated.

Finalizing the Personal Financial Data Rights (PFDR) Rule WOULD enable seamless integration between traditional bank accounts and crypto exchanges or stablecoin wallets. This could accelerate adoption of decentralized finance (DeFi) platforms and digital asset management tools.