Over 80 crypto companies have requested US President Donald Trump to halt new bank-imposed fees for accessing consumer financial data.
The group, which includes executives from crypto and fintech companies like Gemini, Andreessen Horowitz, Paradigm, and Kraken, sent a letter on 14 August 2025 arguing that these consumer financial data access charges, set to be implemented in September 2025, jeopardise innovation, as well as negatively affect consumer choice. The companies mentioned that these fees interfere with Americans connecting their bank accounts to preferred financial products, weakening progress in financial technology policy.
Additionally, the group alleged that the US’s largest banks purposely restrict access to essential financial services. By implementing this policy, the signatories believe it will shift control to institutions, hinder competition, and curb advancements in three strategic sectors, including cryptocurrency, artificial intelligence, and digital wallets.
Furthermore, according to officials, the implementation of bank fees on Open Banking does not stem from a dispute over fair pricing, but rather from an anti-competitive move. They stated that it threatens innovation in products and may cause small businesses and financial tools to shut down completely. Representatives from Gemini added that consumers should have unrestricted access to their funds and data, and banks should not be able to block them or make the process difficult. Also, Kraken said that it signed the Financial Freedom letter because the stakes extend beyond fintech, warning that the proposed fees compromise the foundation of programmable money and Open Finance.
Financial institutions’ view on the matter
Back in July 2025, JP Morgan allegedly planned to charge fees on fintech companies wanting to access its customer bank account data. People familiar with the matter mentioned at that time that JPMorgan Chase had already sent pricing sheets to data aggregators, which acted as intermediaries between banks and fintechs. These new charges might depend on the use case. The lender’s move could negatively impact the business model of payment apps, which rely on free access to customers’ financial data to process transactions.
