A coalition of trading groups representing Crypto, Fintech, retail and restaurant industries is urging President Donald Trump to protect open banking rules under the so -called legal attack by the country’s largest banks.
One in Letter Sent on July 23, organizations, including the Blockchain Association, Crypto Council for Innovation, and Financial Technology Association, claim that America’s most powerful banks are making innovation by prosecuting innovation to block the implementation of new open banking rules and put “stunning” new data fees on Fintech and Crypto apps.
On July 11, Bloomberg Informed JP Morgan plans to introduce the fees of Fintech firms to access the data of its customer’s bank account. According to the pricing sheet sent to customers, the fees vary on the basis of how information is used, high fees are applied to payment companies.
“We must be clear: Financial data belongs to American people, not banks,” written in the letter. “Financial tools are fundamental to free markets and personal freedom to choose financial equipment and control your own data – core American values.”
The letter urged the Trump administration to file a legal brief by July 29, asked the court to confirm that consumers own, not banks, their financial data and have the right to share it with apps of their choice, free.
The case results can determine that Americans can easily connect their bank accounts with services such as crypto exchanges, Stabelcoin Wallet and Payment App.
Connected: How traditional financial equipment is making more accessible investments to Crypto
Understanding Open banking
Open banking is a structure that allows consumers to safely share financial data with third-party application through API.
Proposed in 2022 during Trump’s first term, there was an open banking rules in the United States. Final form On October 22, 2024, gives consumers the right to share their financial data on platforms, a major building block for Stabechines, DEFI apps and Crypto on-Ramps.
According to the letter, “The rule raised the bar for safety and safety and established the Commonian standards, which benefit the entire ecosystem, which benefits the entire ecosystem including banks, fintech and digital asset firms. It also ensures that innovation in the US financial system was the world’s jealousy.”
On the same day the rule was finalized, the Bank Policy Institute, a business group that represents major banks like JP Morgan Chase, Wales Fargo and Bank of America, Lawsed on To block it, arguing that it raised security risks and incorrectly burdened.
Open banking is already a reality in countries such as United Kingdom, Brazil and European Union.
https://www.youtube.com/watch?v=XqhqcB75FY0
Large banks push into the crypto fighting open banking
Challenging open banking in the court, American banks are constantly moving deeply in the digital assets sector.
In May 2024, Costeletgraph reported that MasterCard and ten central American banks, including Wales Fargo, participated in a token pilot, which tested how tokens can be used for close-facilities on a shared account.
On 15 July, JPMORGAN filed an American trademark application for a blockchain-based stabechoin “JPMD” for institutional settlements. Application details plan to offer a wide range of crypto-related services including digital asset trading, exchange, transfer, clearing and payment processing.
Connected: Ancorez Digital announced a platform to release Stablecoin on Genius ‘heels’
Pro-crypto president hired for testing
Meanwhile, President Trump has become one of the most vocal crypto supporters among world leaders. They have actively active the Crypto community, and some believe the crypto lobby was partially responsible for them Victory,
On July 18, when signs Talented act“I vowed that we would bring back American independence and leadership and make the United States the Crypto capital of the world, and that is what we have done.”
Magazine: Baby Boomers of $ 79T price are finally going on board with bitcoin
