BlockBeats news, on August 15, over 80 executives from the cryptocurrency and fintech industries co-signed a letter to U.S. President Donald Trump, accusing banks of charging fees for accessing customer data, claiming this move stifles consumer choice. The letter accuses large banks of attempting 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 tried to allow free access to bank customer data, but opposition from the banking industry hindered its implementation. President Trump later stated that the fee rules would continue to be in effect until new guidelines are issued.
CEX Gemini, trading platform Robinhood, and cryptocurrency lobbying groups including the Cryptocurrency 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. (Cointelegraph)
