Crypto Executives Urge Trump to Block Bank Fees on Customer Data Access

A coalition of cryptocurrency and fintech leaders, including Gemini, Robinhood, the Crypto Council for Innovation, and the Blockchain Association, has called on former President Donald Trump to intervene against proposed bank fees for customer data access. The group warns such charges could stifle innovation and drive digital finance services offshore.

The dispute originates from the Biden administration's 2024 open banking rule, which mandates free third-party access to bank data. Major financial institutions argue the crypto sector seeks special treatment, while tech firms counter that access fees would cripple emerging industries reliant on bank connectivity.

In a Wednesday letter, executives framed the issue as critical to maintaining U.S. leadership in financial technology. "Severing this connection will drive innovation offshore and diminish U.S. influence," the document stated, directly tying the matter to Trump's pro-crypto stance. The coalition contends these fees WOULD disproportionately impact cryptocurrency platforms, AI-driven financial services, and digital payment systems.