Crypto Leaders Urge President Trump to Block Bank Data Fees

Over 80 top figures from the crypto and fintech world have sent a direct message to President Donald Trump, urging him to stop banks from charging for access to customer data, according to Crypto Rover. They warn that such fees could make everyday life harder, slow down innovation, and give big banks an unfair advantage over smaller companies trying to compete.

The group points out that banking data is essential for the apps millions of people use every day. Apps that help people budget, invest, or manage their cryptocurrency rely on this data to work properly. If banks begin charging for access, these services might become more expensive or lose useful features. Everyday users could end up struggling to manage their money, while smaller startups might find it hard to keep up.

Why the Fees Are a Problem

Some major banks, including JPMorgan Chase, have floated the idea of charging for customer data access. Current open banking rules, however, allow banks to share data with authorized apps for free.

Executives in the industry warn that fees could slow innovation. Apps that depend on fast and reliable data might need to raise prices or remove features to cover costs. In simple terms, users could end up paying more for services they’ve come to rely on every day.

The Industry Pushes Back

Leaders argue that personal financial data belongs to the individual, not the bank. Using customer data as a way to make money could give big banks an advantage and make it harder for small startups to compete.

For everyday users, this might mean fewer choices. By reaching out directly to President Trump, these leaders hope to maintain a fair system where both consumers and startups can thrive.

Finding the Balance

Banks say the fees are necessary because keeping data-sharing systems secure costs a lot of money. Building APIs that let apps access bank data safely isn’t cheap.

Still, fintech and crypto leaders insist fees shouldn’t block innovation. The administration faces a tough decision: side with banks or support open access for startups and consumers. How this is handled could shape digital finance in the U.S. for years to come.

What It Means for Users and Startups

If banks are allowed to charge, users could feel the impact immediately. Apps may pass on costs, making tools for budgeting, investing, and crypto more expensive. Small startups could struggle if banks control who can access essential data.

Keeping access free encourages competition and supports innovation. Millions of people rely on these tools daily, so the stakes are high.

Looking Forward

The open letter shows how seriously leaders in crypto and fintech are taking this issue. They want consumer rights protected, startups supported, and innovation encouraged.

The final decision will impact both companies and everyday users. Leaders hope for a solution that keeps financial data accessible, competition fair, and the digital finance ecosystem free to grow.