Ten of the largest trade associations in Fintech and Crypto have asked President Donald Trump to intervene in the fact that what they say is a coordinated attack to prevent innovations by big banks and closure contestants.
A letter sent on Wednesday, which includes the Group, Crypto Council for Blockchain Association and Innovation, warned JP Morgan’s plan to charge fees Consumer is a threat to millions of Americans for access to banking data and can be crippled by adopting Stabechoids (USDC, USDT) and self-custody wallet.
How do American digital wallets and exchanges fund at the center of the fight. Agragator such as plaid and MX enable consumers to transfer funds from their bank accounts to platforms such as coinbase or cracks. These connections depend on direct access to the user-approved data.
So far, banks have allowed that access without fees. However, JP Morgan has Start informing aggregators That they will need to pay for this – a report up to $ 300 million per year for plaid alone which will be more than 75% of the company’s revenue.
“We must be clear: Financial data belongs to American people, not banks,” written in the letter. “By challenging open banking, the largest banks stand directly against your vision of making America the world’s financial innovation capital.”
The letter urges the White House to work before July 29, when the administration is due to the legal brief filing in the court fight on the open banking rule of the Consumer Financial Protection Bureau.
CFPB’s open banking rules, finally finally final Rule 1033Banks require consumers to provide free access to their account data and allow them to share it with third-party services.
Rule meant to level the playground between banks and Fintech. But bank Sue to block it The day it was finalized, and CFPB Has asked court since then To completely empty the rule.
In a post on XCrackon cum-CEO Arjun Sethi called JP Morgan’s move a “calculated shift”, which converts user-generated data into a toll, warning that the industry is turning a familiar pattern of centralization into control.
“There is a version of the future where each financial interaction is intermediate by the systems that have your own data monitoring, price and access to gate access,” he wrote. “Crypto presents an option. But that option is not guaranteed.”
