A coalition of U.S. crypto, fintech, and retail organizations, including the Blockchain Association and Crypto Council for Innovation, has sent a joint letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to protect consumers' access to their financial data under the proposed Rule 1033. The letter, submitted during the CFPB's review period, warns that allowing banks to charge fees for data access could stifle innovation, particularly harming lower-income users and small businesses.
Open banking, which enables secure sharing of financial data with third-party apps via APIs, is relied upon by over 100 million Americans for tools like crypto wallets, DeFi platforms, and digital payment apps. The rule, finalized on October 22, 2024, under Section 1033 of the Dodd-Frank Act, aims to affirm that consumers, not big banks, own their financial data. However, major banks like JPMorgan Chase, Bank of America, and Wells Fargo, through the Bank Policy Institute, have sued to block the rule, citing security risks and unfair burdens.
The coalition emphasizes that a ban on data access fees is crucial for a competitive market, arguing that fees would discourage new entrants and slow the development of financial services. They highlight that the U.S. risks falling behind countries like the UK and Brazil, which already have robust open banking systems. In a related move, over 80 crypto and fintech executives signed a letter to President Donald Trump in August 2025, accusing banks of stifling innovation.
Gemini co-founder Tyler Winklevoss commented on X, stating, "Banks want to gut the Open Banking Rule (1033) so they can tax and control your financial data and remove your freedom to choose the services you want. This is bad for crypto and financial innovation in America." The CFPB is now preparing a final version of the rule, with its decision expected to shape the future of open banking and its integration with crypto and fintech sectors.
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