A major confrontation is brewing between Wall Street and the crypto industry. Ten leading crypto and fintech associations are calling on President Donald Trump to stop JPMorgan’s controversial plan to charge fees for consumer banking data access—a move that could jeopardize open banking and threaten digital wallet adoption.
JPMorgan’s Data Fees Could Cripple Crypto On-Ramps
At the heart of the issue is JPMorgan’s decision to charge aggregators like Plaid for access to customer data—an essential connection that enables users to fund accounts on platforms such as Coinbase and Kraken. Reports suggest Plaid alone could face over $300 million in annual fees, more than 75% of its current revenue.
“Let us be clear: financial data belongs to the American people, not the banks,” the industry groups wrote in a letter to the White House.
The fees could break core infrastructure in crypto and fintech, especially tools like self-custody wallets and stablecoins (USDC, USDT), which rely on seamless bank-to-wallet transfers. Millions of Americans could be effectively ‘debanked’ if these connections are disrupted.
Battle Over CFPB’s Open Banking Rule 1033
This conflict comes as the Consumer Financial Protection Bureau’s (CFPB) Rule 1033 is under legal attack. The rule, finalized in 2024, requires banks to provide free consumer access to their account data, enabling users to share information with third-party apps securely.
However, big banks sued to block the rule, and the CFPB recently asked the court to vacate the rule entirely, raising fears of a regulatory rollback.
The crypto industry is now demanding the Trump administration step in before July 29, the deadline for the White House to respond in court.
Innovation at Risk, Industry Warns
The letter from groups including the Blockchain Association and Crypto Council for Innovation argues that JPMorgan’s move represents a coordinated attempt to stifle competition, locking out fintechs and stalling innovation.
“By challenging open banking, the largest banks stand in direct opposition to your vision of making America the financial innovation capital of the world,” the letter reads.
With open banking and fair data access at stake, the outcome of this legal and political battle could reshape the future of U.S. crypto adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.