A coalition of commercial groups representing the crypto industries, fintech, retail and catering urges President Donald Trump to defend the banking rules open under a so-called legal attack of the largest banks in the country.
In a letter sent on July 23, organizations such as the Blockchain Association, Crypto Council for Innovation and the Financial Technology Association affirm that the most powerful banks in the United States compromise innovation by continuing to block the implementation of new rules in open banking and imposing “amazing” data costs on fined and cryptographic applications.
On July 11, Bloomberg said that JPMorgan planned to start charging fintech companies to access their customers’ bank account. According to pricing sheets sent to customers, the costs vary depending on how information is used, with higher costs applied to payment companies.
“Let’s be clear: financial data belongs to the American people, not to banks,” said the letter. “The freedom to choose financial tools and control your own data is fundamental for market release and personal freedom – American values.”
The letter urges the Trump administration to file a legal file by July 29, asking the court to affirm that consumers, not banks, are owners of their financial data and have the right to share it with applications of their choice, free of charge.
The result of the case could determine the ease with which Americans can connect their bank accounts to services such as crypto exchanges, stablecoin portfolios and payment applications.
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Understanding open bank
Open Banking is a framework that allows consumers to safely share financial data with third -party applications via APIs.
Proposed in 2022 during Trump’s first term, the rule of the bank opened in the United States was finalized on October 22, 2024, granting consumers the right to share their financial data on platforms, a key construction element for ecunines, deffi applications and cryptography.
“The rule has increased the bar for security and security and established common sense standards that benefit the entire ecosystem, including banks, fintechs and digital asset companies. She also assured that innovation in the American financial system was the desire for the world,” according to the letter.
On the same day, the rule was finalized, the Bank Policy Institute, a commercial group representing large banks like Jpmorgan Chase, Wells Fargo and Bank of America, continued to block it, arguing that it was posing security risks and unjustly overwhelmed holders.
The open bank is already a reality in countries like the United Kingdom, Brazil and the European Union.
https://www.youtube.com/watch?v=XQHQCB75FY0
Large banks grow in crypto while fighting the open bank
While contesting the banking services opened before the courts, American banks are progressing regularly in the digital asset sector.
In May 2024, Cintelelegraph reported that Mastercard and ten US central banks, including Wells Fargo, participated in a tokenization pilot who tested how tokenized banking deposits and the very US very joins could be used for quasi-instant establishments in a large register.
On July 15, JPMorgan filed an American brand request for “JPMD”, a stablecoin Blockchain for institutional establishments. The details of the application plan to offer a wide range of crypto services, including trading in digital assets, scholarships, transfers, compensation and treatment of payments.
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Pro-Crypto President has proven
Meanwhile, President Trump has become one of the most frank cryptographic supporters among world leaders. He actively courted the cryptographic community, and some even believe that the crypto hall was partly responsible for his victory.
On July 18, during the signing of the genius law, Trump said: “I promised that we bring back American freedom and leadership and that we would do in the United States the world capital of cryptography, and that is what we did.”
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