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Crypto and Fintech Firms Urge Donald Trump to Halt Bank Data Access Fees

Key Takeaways

  • ​Gemini, Robinhood, and others asked President Trump to stop banks from adding "account access" fees for sharing customer data;
  • The group warned the charges could limit consumer choice, close products, and weaken US leadership in digital assets;
  • Banks said the proposal is unfair, which lets tech firms use costly security systems for free while charging for their own services.

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Crypto and Fintech Firms Urge Donald Trump to Halt Bank Data Access Fees

A group of financial technology and cryptocurrency companies has asked President Donald Trump to stop banks from charging fees for sharing customer account information.

The request came in an August 13 letter signed by Gemini $204.36M , Robinhood, the Crypto Council for Innovation, and the Blockchain Association.

They stated that the new "account access" fees would reduce competition and harm industries such as cryptocurrency, artificial intelligence (AI), and digital payments.

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These companies depend on access to bank data so users can transfer money between bank accounts and their platforms.

The letter warned that higher costs could force some products to shut down and limit options for consumers. It also argued that the United States could lose ground in developing digital assets if the connection between banks and new financial tools is weakened.

The group also asked the president to use his authority to block large banks from adding new fees. It stated that the country’s leadership in digital assets depends on "safe, reliable on-ramps" between the banking system and new financial services.

Banking groups, led by the American Bankers Association, argued that it would interfere with free market principles and amount to government control over pricing.

The banks noted that the proposal came from "middlemen" trying to benefit at no cost from the security systems that banks have paid to develop.

Meanwhile, US Senator Elizabeth Warren recently urged the Office of the Comptroller of the Currency (OCC) to address possible conflicts from President Trump’s ties to stablecoin USD1. What did she say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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