More than 80 leaders in the cryptocurrency and fintech sectors sent a letter to the President of the United States opposing banks charging fees for accessing customer data, arguing that this limits consumer choice.
The petition letter accuses large banks of imposing exorbitant 'account access' fees, hindering account connections with better financial products, adversely affecting the cryptocurrency, AI, and digital payment sectors.
MAIN CONTENT
More than 80 cryptocurrency and fintech leaders sent a letter opposing the customer data access fees imposed by banks.
Account access fees are considered to reduce the choice of financial products, affecting the U.S. cryptocurrency market.
The previous administration wanted to open bank data for free but faced strong opposition from the financial industry.
Who has sent a letter to the President of the United States and what is their purpose?
More than 80 senior leaders in the cryptocurrency and fintech fields have signed a letter to the President of the United States to oppose large banks charging for accessing customer data. The main goal is to protect consumer rights in connecting bank accounts with better financial products.
This reflects strong coordination among businesses in the industry, including exchanges and cryptocurrency trading platforms, to promote a transparent, competitive, and open financial environment.
What does the main content of the letter to the President reflect about customer data access fees?
The letter alleges that large banks are trying to maintain market position by imposing expensive 'account access' fees, preventing consumers from accessing more beneficial financial services. This reduces competition and harms the development of the cryptocurrency, artificial intelligence, and digital payment industries in the U.S.
Bank data access fees not only increase service costs but also limit users' options in seeking innovative financial solutions, having a long-term impact on digital transformation and DeFi.
These exorbitant fees threaten to cripple the cryptocurrency and digital finance industry in the U.S., hindering the development of new technologies and innovative services.
Quoted by a representative of a fintech leadership group, 2023.
What policies did the U.S. government have regarding banking data?
The previous administration under Biden attempted to promote open access to banking customer data with the aim of fostering competition and innovation in the financial sector. However, this effort was significantly impacted by strong opposition from the banking industry.
As a result, regulations on data access fees remain in place, confirmed by President Donald Trump, until new guidelines are issued. This indicates that the pressure to balance financial innovation and banking interests is still intense.
Current regulations on data access fees will remain in place until new policies are issued to ensure stability in the financial market.
Statement from President Donald Trump, August 2023.
Which organizations and companies support the letter opposing data access fees?
The letter is backed by cryptocurrency exchanges and trading platforms, along with advocacy groups in the cryptocurrency sector. They argue that data access fees hinder the development of the cryptocurrency, AI, and digital payment industries in the U.S.
Support from such organizations provides additional strength to the campaign calling for policy reform, contributing to increased access to open data and promoting technological innovation.
How do data access fees affect the cryptocurrency and digital technology industry in the U.S.?
Data access fees increase costs and limit the ability to connect bank accounts with new financial technology applications and platforms. This poses significant obstacles for the cryptocurrency, AI, and digital payment industries, which rely on customer data to develop new products.
When consumers cannot easily connect accounts with better services, competition is stifled, leading to a slowdown in innovation and affecting the long-term interests of the fintech and cryptocurrency community.
Frequently Asked Questions
What is the fee for accessing customer data?
This is the fee that banks charge when a third party wants to access customer account data to provide financial services.
Why do cryptocurrency industry leaders oppose this fee?
High fees reduce users' choice and ability to connect with better financial products.
Does the U.S. government support open banking data?
There have been previous efforts by the administration to open free data access but faced resistance from the banking industry.
How does charging for data affect cryptocurrency?
Restricting account connections with cryptocurrency services makes it difficult for the industry to develop.
Which organizations supported the letter to the President of the United States?
Many cryptocurrency exchanges and advocacy groups have co-signed to oppose data access fees.
Source: https://tintucbitcoin.com/ceo-fintech-keu-goi-trump-cam-phi-du-lieu/
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