Fintech and cryptocurrency industry executives urge Trump to ban banks from charging data access fees
2025-08-14 13:31:49
Executives in the fintech and cryptocurrency industries have urged the Trump administration to ban US banks from charging for access to customer data, a fee that goes to the heart of banks' business models. A number of companies, investors and lobby groups, including Klarna Group Plc, Robinhood Markets Inc. and cryptocurrency exchange Gemini, signed a letter to President Donald Trump saying the proposed fees would "cripple" innovation and "could lead to the complete collapse of small businesses and financial instruments".
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