Fintech and Crypto Urge Trump to Ban Bank Data Fees
A coalition led by Gemini, Robinhood, the Crypto Council for Innovation and the Blockchain Association wrote to President Trump on August 13, urging him to block banks from imposing bank data access fees. They warned these charges would raise costs, limit consumer choice and force the shutdown of money-transfer products on major platforms. The group argued that data fees would weaken US leadership in digital assets, hamper AI and payments innovation and entrench big banks’ market power. They called on Trump to use executive authority to prevent large banks from adopting such fees, emphasizing that reliable data sharing is essential for secure crypto on-ramps. Banking groups led by the American Bankers Association counter that banning fees would disrupt free-market pricing and let fintech firms benefit from bank security systems at no cost. Previously, the Biden administration sought fee-free bank data access but faced industry pushback, and current fee rules remain in place pending new guidelines. Separately, Senator Elizabeth Warren flagged potential conflicts over Trump’s ties to a USD1 stablecoin.
Neutral
While the coalition’s push to block bank data access fees supports the infrastructure for crypto on-ramps and could enhance long-term adoption, the immediate impact on trading volumes and prices is limited. The ongoing regulatory debate adds uncertainty, but unless a ban is enacted or fees introduced, market conditions remain broadly unchanged. Historically, similar regulatory developments have produced moderate sentiment shifts without driving significant price movements.