PANews August 15 news, according to Cointelegraph, more than 80 executives from the cryptocurrency and fintech industries jointly wrote to U.S. President Donald Trump, accusing banks of charging fees for accessing customer data, claiming that this action stifles consumer choice. The letter accuses large banks of trying to 'maintain their market position by imposing exorbitant new 'account access' fees, which will prevent consumers from connecting their accounts to better financial products of their choice.' The Biden administration had previously attempted to allow free access to bank customer data, but opposition from the banking industry hindered its implementation. President Trump subsequently stated that the fee rules would remain in effect until new guidelines were released.
Cryptocurrency exchange Gemini, trading platform Robinhood, and cryptocurrency lobbying groups, including the Crypto Innovation Committee and the Blockchain Association, support this letter, which claims that these fees will undermine the U.S. cryptocurrency, artificial intelligence, and digital payment industries.