A coalition of trade groups representing the crypto, fintech, retail, and restaurant industries has called on President Donald Trump to defend open banking rules, which face legal challenges and new fee structures from major U.S. banks. In a July 23 letter, organizations including the Blockchain Association, Crypto Council for Innovation, and Financial Technology Association accused banks like JPMorgan of undermining innovation by suing to block open banking implementation and imposing "stunning" data fees on fintech and crypto applications.
The push follows JPMorgan's July 11 announcement of tiered fees for fintech firms accessing customer bank data, with higher charges for payment companies. The coalition emphasized that "financial data belongs to the American people, not the banks," framing open access as fundamental to free markets and personal liberty. They urged the Trump administration to file a legal brief by July 29 affirming consumers' rights to freely share their financial data with third-party apps, including crypto exchanges and stablecoin wallets.
Open banking, finalized in October 2024 after a 2022 proposal, enables secure data sharing via APIs and supports crypto on-ramps, DeFi apps, and stablecoins. While banks argue the rule imposes security risks and unfair burdens, the coalition contends it raises safety standards and fosters U.S. financial innovation. Notably, U.S. banks are simultaneously expanding into crypto—JPMorgan filed a trademark for its "JPMD" stablecoin on July 15, and ten banks participated in a May 2024 tokenization pilot with Mastercard.
President Trump, who recently signed the GENIUS Act and pledged to make the U.S. "the crypto capital of the world," faces a critical test of his pro-crypto stance amid banking industry resistance.