Fintech and Cryptocurrency Industries Encourages the Trump administration to Prohibit US banks from Imposing Fees
Major leaders in the fintech and cryptocurrency industries encouraged the Trump administration to prohibit US banks from imposing fees for client data access, which are a fundamental part of their business strategies.
A lengthy list of businesses, investors, and lobbying organizations, including Klarna Group Plc, Robinhood Markets Inc., and cryptocurrency exchange Gemini, signed a letter to President Donald Trump on Wednesday, claiming that the proposed fees would "cripple" innovation and "may cause small businesses and financial tools to shut down entirely."
Fintechs and the data aggregators they depend on have been informed by JPMorgan Chase & Co. that the bank would no longer provide free access to client account information.
The largest US bank, JPMorgan, sees the data aggregators as a kind of freeloader that charges its fintech clients for data they obtain without paying for it. Similar fees are being considered by PNC Financial Services Group Inc.
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A dispute over the appropriate way to share and safeguard consumers' personal financial information has focused on regulations implemented by the Consumer Financial Protection Bureau under former President Joe Biden. Trump's CFPB has stated that it intends to maintain the current regulations while creating new ones that better reflect its policy objectives.
The chief executives of Kraken and Paradigm, as well as the payment companies Adyen NV, PayPal Holdings Inc., and Stripe Inc., signed the letter, along with cryptocurrency leaders Tyler and Cameron Winklevoss.
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Trade associations such as the American Fintech Council and the Financial Technology Association joined the CEOs.