On August 15, 2025, over 80 crypto and fintech leaders, including executives from Gemini, Robinhood, Klarna, and PayPal, urged President Trump to block banks from imposing data access fees, arguing that these charges harm consumer choice and innovation. The fees, proposed by banks like JPMorgan Chase and PNC Financial, conflict with the CFPB's open banking rule, which allows free data sharing with fintechs. The leaders warn that such fees could stifle digital wallets, DeFi apps, and stablecoins, pushing financial innovation overseas. Banks defend the fees as necessary for data security and investment protection, sparking a debate over consumer empowerment versus banking interests. The administration's response could significantly impact the U.S. financial landscape.
