Leaders Urge Trump to Block Bank Data Fees Harming ETH, BTC
Over 80 leaders in crypto and fintech have petitioned U.S. President Donald Trump to block bank data fees that would charge for accessing customer financial data. Signatories from companies including Shopify (Tobias Lütke) and Gemini (the Winklevoss twins) warn that bank data fees threaten open banking innovation and fintech competitiveness. If bank data fees proceed, banks could entrench dominance, complicate integration for decentralized finance (DeFi) onramps and offramps, and hamper the usability and adoption of Ethereum (ETH) and Bitcoin (BTC). The coalition calls for regulatory intervention to preserve open banking principles and maintain free data flows essential for fintech solutions and cryptocurrency integration. Industry analysts note that these charges risk fragmenting the market, reducing consumer choice, and slowing growth in DeFi. Action to halt proposed data fees is seen as critical to safeguarding a competitive landscape for both traditional fintech and digital asset ecosystems.
Bullish
This news is bullish for the cryptocurrency market as it supports preserving open banking infrastructure crucial for DeFi onramps and offramps. By urging a block on bank data fees, industry leaders aim to maintain free access to consumer-permissioned data, which enhances liquidity and usability for major cryptocurrencies like ETH and BTC. Historically, regulations promoting open banking—such as the EU’s PSD2—have driven fintech growth and expanded crypto adoption. Preventing data fees reduces the risk of market fragmentation and ensures smoother integration between traditional financial systems and digital asset platforms. In the short term, the call for regulatory action may spur positive sentiment in crypto markets, while long-term protection of open banking frameworks underpins sustainable growth and wider adoption of decentralized finance.