A coalition of major crypto and fintech firms, including Gemini, Robinhood, and the Blockchain Association, has sent a letter to President Donald Trump, asking him to intervene and prevent banks from imposing new fees for customer data access. The group warns that these “account access” fees could severely harm the U.S. digital finance sector, stifle innovation, and limit consumer choice.
The dispute revolves around an “open banking rule” that was finalized in late 2024 by the Consumer Financial Protection Bureau (CFPB). This rule mandates that banks provide customers free access to their own financial data, which is crucial for crypto firms to integrate with bank accounts and enable seamless fiat-to-crypto transfers. While banks have sued to block the rule, the Trump administration, after initial hesitation, has indicated it will keep the rule in place while working on revisions.
The letter argues that allowing banks to charge these fees would “cripple innovative products” and drive digital finance innovation overseas, contradicting the President’s pro-crypto agenda. In response, banking groups, led by the American Bankers Association (ABA), have accused the crypto industry of demanding special treatment and “government price fixing,” arguing that banks should be able to charge for the significant investments they make in data security.
This pushback from the crypto industry comes amid other pro-crypto moves by the Trump administration, including an executive order to allow cryptocurrencies in 401(k) plans and the nomination of a digital asset advocate to the Federal Reserve Board of Governors.
August 2025, Cryptoniteuae
