Crypto and Fintech Leaders Urge Trump to Halt Bank Data Access Fees Threatening Innovation

A powerful coalition of over 80 executives from the cryptocurrency and financial technology sectors has issued a critical appeal to President Donald Trump, urging intervention against proposed “account access” fees by U.S. banks for client data. This collective action highlights a significant industry concern that such charges threaten to undermine consumer choice, restrict market competition, and potentially drive technological innovation offshore.

In a letter dated August 13, 2025, the signatories, representing companies crucial to a competitive U.S. economy, acknowledged the administration’s efforts to foster leadership in digital assets, artificial intelligence, and financial technology. However, they contend that major U.S. banks are actively impeding this progress by imposing fees that would block consumers from connecting their accounts with third-party applications, thereby depriving them of access to better financial products and control over their digital data.

• Over 80 executives from the cryptocurrency and financial technology sectors have appealed to President Trump.
• They urge intervention against proposed “account access” fees by U.S. banks for client data.
• These fees are seen as a threat to consumer choice, market competition, and could drive innovation offshore.
• The coalition asserts major U.S. banks are impeding progress in digital assets, AI, and FinTech.
• They argue the fees would block consumers from connecting to third-party apps, limiting financial product access and data control.

The coalition views the banks’ legal assertion—that consumers lack an inherent right to share account data with trusted applications—as a “dangerous precedent.” This position, they warn, could harm individuals and emerging technology providers.

Innovation Under Threat

Executives specifically cautioned that these proposed fees threaten two critical innovation areas. Impeding accessible bank integration for cryptocurrency services risks weakening the U.S.’s competitive standing in the global digital asset industry, potentially compelling innovation and talent to relocate internationally. For artificial intelligence, restricting user-authorized access for financial management tools would concentrate power in large banks and diminish customer benefits, hindering the broader economic impact of these technologies.

The letter concludes with a definitive plea for the administration to uphold consumer choice—a policy the group asserts President Trump strongly supported during his first term. They emphasize ensuring the U.S. financial system remains robustly open to competition and continuous technological advancement to avoid long-term repercussions on national economic vitality and global leadership.