Sen. Lummis Urges CFPB to Finalize Open Banking Rule to Support Crypto Access
U.S. Senator Cynthia Lummis has pressed the Consumer Financial Protection Bureau to expedite its open banking rule, emphasizing its critical role in safeguarding consumer access to digital asset platforms. The rule, finalized in October 2024, enables seamless financial data sharing via APIs—a cornerstone for linking bank accounts to crypto exchanges.
Banking groups filed a lawsuit challenging the rule on the day of its enactment, but a federal judge stayed proceedings in July, granting regulators time for review. Lummis warned of banks' tendency to restrict services for political reasons, citing examples including crypto firms, gun manufacturers, and religious organizations.
The push reflects growing institutional recognition of crypto's role in modern finance. API-driven open banking infrastructure could accelerate mainstream adoption by bridging traditional finance and digital asset ecosystems.
