Ten major fintech and cryptocurrency industry associations, including the Blockchain Association and the Cryptocurrency Innovation Council, have jointly sent a letter to President Trump calling for a ban on large banks from imposing fees on data access.
JPMorgan's plan to charge consumers for bank data access could lead to the de-banking of millions of Americans and threaten the popularity of stablecoins (USDC, USDT) and self-custodial wallets. JPMorgan reportedly requires data aggregator Plaid to pay up to $300 million a year, representing more than 75% of its revenue.
At the heart of the dispute is the way Americans top up digital wallets and exchanges. Aggregators such as Plaid and MX enable consumers to transfer money from bank accounts to platforms such as Coinbase or Kraken. Banks previously allowed free access to user authorization data, but JPMorgan is now charging for it. The Consumer Financial Protection Bureau's Open Banking Rule requires banks to provide free access to consumer account data, but banks have sued to block the rule.
The crypto industry has called on Trump to block JPMorgan Chase from imposing a "punitive tax" on data access.
2025-07-24 09:18:37
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