๐บ๐ธ Urgent: Over 80 officials from crypto and fintech companies are urging the Trump administration to prevent banks from charging fees for customer data!
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๐ข What's new?
โ A group of leaders from financial technology and digital currency companies has sent a message to the presidential administration.
โ The message encourages support for open banking rules and prevents major banks from charging fees for access to customer data.
โ The signatories argue that these fees undermine consumer choice and stifle innovation.
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๐ก What's between the lines?
โ This move is seen as an attempt to uphold the principle of "data ownership for the customer," allowing individuals to share their financial data with the applications and services they choose.
โ Such fees could hinder the growth of vital sectors like digital currencies, digital wallets, and financial artificial intelligence applications.
โ Major banks argue that they incur costs when processing data access requests, and that fees are necessary to ensure security.
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๐ The vision:
โ This message highlights the ongoing conflict between traditional banks and the emerging fintech sector.
โ Support from the presidential administration for this message is viewed as crucial for maintaining America's position as a center for financial innovation.
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