Fintech Associations Urge Action Against JPMorgan's Data Access Fees
AI Summary
According to PANews, ten major fintech and cryptocurrency industry associations have written to U.S. President Donald Trump, urging him to prevent JPMorgan Chase from imposing high fees on customer bank data access. The associations warn that this move by JPMorgan could lead to millions of Americans becoming 'unbanked' and threaten the adoption of stablecoins and self-custody wallets. The letter emphasizes that financial data belongs to the American people, not the banks. It calls on the White House to act by July 29 to protect consumers' rights to free access to their banking data, thereby supporting an environment conducive to financial innovation.