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US Crypto Industry Urges Trump to Stop JPMorgan's 'Punitive Tax' on Data Access
Summary: According to Coindesk, ten financial technology and cryptocurrency trade organizations, including the Blockchain Association and the Crypto Innovation Council, have written to President Trump urging him to stop JPMorgan from charging 'punitive fees' for accessing consumer banking data. The plan is seen as potentially hindering the development of open banking, jeopardizing data access rights for ...
According to Coindesk, ten financial technology and cryptocurrency trade organizations, including the Blockchain Association and the Crypto Innovation Council, have written to President Trump urging him to stop JPMorgan from charging 'punitive fees' for accessing consumer banking data. The plan is seen as potentially hindering the development of open banking, jeopardizing data access rights for millions of users, and impacting the use of stablecoins (such as USDC, USDT) and self-custody wallets. The letter states that JPMorgan's charging up to $300 million annually for aggregators like Plaid severely damages the financial innovation ecosystem. This move also conflicts with CFPB's Section 1033 of the 'Open Banking Rule,' which originally required banks to provide consumers with free data access. Currently, this rule is being challenged by banks, with CFPB counter-suing to have it revoked. The associations are urging the White House to intervene by July 29 to defend open data and financial competition. Kraken's Co-CEO described the banks' actions as a 'centralized shift towards control,' while cryptocurrency serves as an 'uncensorable alternative.'
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Link: US Crypto Industry Urges Trump to Stop JPMorgan's 'Punitive Tax' on Data Access [Copy]
