15-8-2025 –Â Over 80 cryptocurrency and fintech executives mobilized Wednesday to urge President Trump to prevent major banks from imposing data access fees that could fundamentally disrupt crypto-to-banking connectivity, escalating a regulatory battle that pits traditional finance against digital asset innovation. The coalition, including Gemini, Robinhood, and leading crypto lobby groups, warned that proposed banking fees would “cripple” the US crypto industry and drive innovation overseas.
The dispute centers on Biden’s “open banking rule” finalized last October, which mandated free customer data sharing between banks and fintechs—a lifeline for crypto platforms that depend on seamless bank account connections for user onboarding and transfers. Trump initially opposed the rule under banking industry pressure but reversed course in July after intensive crypto lobby efforts, telling courts his administration would maintain it while crafting replacement policies.
Banking groups led by the American Bankers Association fired back immediately, accusing crypto companies of seeking “government price fixing” while demanding free services they themselves charge fees to provide. The banks characterized the crypto coalition as “middlemen trying to mislead” Trump into supporting policies that let them “free ride” off banking infrastructure investments.
