Crypto and fintech groups have started to urge Trump to defend Open Banking rules, warning the case could affect access to wallets, DeFi apps, and stablecoins.
Following this announcement, several organisations, including the Blockchain Association, Crypto Council for Innovation and the Financial Technology Association, claim that the US banks are undermining development by suing to block the implementation of new Open Banking rules and imposing new data fees on fintech and crypto apps.
In addition, the letter urges the Trump administration to file a legal brief by July 29, asking the court to affirm that consumers, not banks, own their financial data, while also having the right to share it with apps of their choice, free of charge. The case outcome could determine the manner in which US citizens can connect their bank accounts to solutions like crypto exchanges, stablecoin wallets, and payment applications.
More information on the announcement
The letter was released after US-based JP Morgan Chase had reportedly been planning to charge fees on fintech companies that want to access its customer bank account data. The institution has already sent pricing sheets to data aggregators, which act as intermediaries that link banks with fintech firms, underlining new charges that can depend on use case. The lender’s move could negatively affect the business model of payment apps, which heavily rely on free access to customers’ financial data to process transactions.
Regarding this, the letter addresses the initiative by mentioning that the financial data belongs to American individuals, not the banks, as the overall freedom to choose financial tools and control one’s own data represents a fundamental way to free markets and personal liberty.
The letter also addressed the Open Banking rule in the US, which was finalised in 2024 and aimed to grant customers the right to share their financial data across platforms, representing a key building block for stablecoins, DeFi apps, and crypto on-ramps. In May 2025, the Open Banking rule decision prompted FTA’s criticism, as the institution claimed that it weakens efforts to facilitate competition and consumer empowerment in the financial sector. The agency’s decision underlined a shift in the regulatory landscape, with questions arising about the future of data-sharing and financial innovation in the US.
The CFPB decided to drop the rule, leading to substantial debate from the industry. The FTA, which focuses on supporting fintech innovation, argued that this reversal concentrates on the interests of large banks, which have previously opposed Open Banking initiatives. Criticisers also mentioned that these institutions benefit from keeping control over customer data, restricting the ability of fintech companies to provide alternatives.
