Crypto Leaders Urge Trump to Block Bank Fees Threatening Open Banking

More than 80 executives from top cryptocurrency and fintech firms, including Gemini, Andreessen Horowitz, Paradigm, and Kraken, have petitioned US President Donald Trump to intervene against new bank-imposed fees for accessing consumer financial data. The fees, scheduled to begin in September, are seen as a direct threat to innovation and consumer choice in financial technology.

The group's August 14 letter accuses major banks of deliberately restricting access to essential services, consolidating control among a few institutions, and stifling competition in cryptocurrency, artificial intelligence, and digital wallets. "This is not a dispute over fair pricing; it is an anti-competitive MOVE designed to consolidate power," the letter states. Kraken co-CEO Arjun Sethi warned the fees could cripple innovative products and force small businesses to shut down.