{"id":13096,"date":"2025-08-14T08:49:19","date_gmt":"2025-08-14T15:49:19","guid":{"rendered":"https:\/\/jasonsblog.ddns.net\/?p=13096"},"modified":"2025-08-14T08:49:19","modified_gmt":"2025-08-14T15:49:19","slug":"fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees","status":"publish","type":"post","link":"https:\/\/jasonsblog.ddns.net\/index.php\/2025\/08\/14\/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees\/","title":{"rendered":"Fintech, Crypto CEOs Urge Trump to Block Banks\u2019 Data-Access Fees"},"content":{"rendered":"\n<p>I&#8217;ve also included a second article at bottom, as it&#8217;s hard to discern what is really going on here. There seems to be part of it dealing with wire transfers to and from cryptocurrency exchanges, but I think there is another angle. Some of these FinTech services want you to give them your bank login, and they scour your bank data to turn into a data profile to be sold with the promise of helping you increase your credit score and\/or find waste among other services. So along those lines, US Banks seem to be looking to charge for sharing the data they collect and turn into data products they sell to select third parties. Consequently, see this <a href=\"https:\/\/youtu.be\/C0CyuDEuLsE?si=F_v9ijCSeKt8fr0f\" target=\"_blank\" rel=\"noreferrer noopener\">video<\/a> for just how little financial privacy you have today. So read this as megacorps fighting over who gets to profit off you, the product. And some in silicon valley want to replace banks with their tech products replacing traditional banking and credit accounts.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.livemint.com\/companies\/indianoil-reports-over-80-growth-in-q1-net-profit-at-6-808-cr-on-higher-sales-arvinder-singh-sahney-11755180356847.html\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.livemint.com\/companies\/indianoil-reports-over-80-growth-in-q1-net-profit-at-6-808-cr-on-higher-sales-arvinder-singh-sahney-11755180356847.html<\/a><\/p>\n\n\n<div class=\"wp-block-ub-divider ub_divider ub-divider-orientation-horizontal\" id=\"ub_divider_efc7bdb2-d1c2-49fc-ae9f-9f1b83bcf808\"><div class=\"ub_divider_wrapper\" style=\"position: relative; margin-bottom: 2px; width: 100%; height: 2px; \" data-divider-alignment=\"center\"><div class=\"ub_divider_line\" style=\"border-top: 2px solid #ccc; margin-top: 2px; \"><\/div><\/div><\/div>\n\n\n<h5 class=\"wp-block-heading\">Top fintech and crypto executives urged the Trump administration to block US banks from charging fees for access to customer data, levies that strike at the heart of their business models.<\/h5>\n\n\n\n<p>By Bloomberg<\/p>\n\n\n\n<p>Top fintech and crypto executives urged the Trump administration to block US banks from charging fees for access to customer data, levies that strike at the heart of their business models.<\/p>\n\n\n\n<p>Klarna Group Plc, Robinhood Markets Inc. and crypto exchange Gemini were among a long list of companies, investors and lobbying groups that signed a letter sent Wednesday to President Donald Trump, arguing that the proposed fees would \u201ccripple\u201d innovation and \u201cmay cause small businesses and financial tools to shut down entirely.\u201d<\/p>\n\n\n\n<p>JPMorgan Chase &amp; Co. has told fintechs and the data aggregators they rely on that the bank\u2019s customer account information will no longer be accessible without a charge. JPMorgan, the biggest US bank, views the data aggregators as freeloaders of sorts who access data without paying and then charge their fintech clients for it. PNC Financial Services Group Inc. is considering charging similar fees.<\/p>\n\n\n\n<p>\u201cWe urge you to use the full power of your office and the broader administration to prevent the largest institutions from raising new barriers to financial freedom,\u201d they said in the letter. \u201cWe cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system.\u201d<\/p>\n\n\n\n<p>Rules put in place by the Consumer Financial Protection Bureau under former President Joe Biden have been at the center of a debate about how best to share and protect customers\u2019 personal financial data. The CFPB under Trump has said it plans to leave the rules in place while it crafts new ones more in line with its policy goals.&nbsp;<\/p>\n\n\n\n<p>Cryptocurrency executives including brothers Tyler and Cameron Winklevoss signed on to the letter, as did the chief executive officers of Kraken and Paradigm and payments firms Adyen NV, PayPal Holdings Inc. and Stripe Inc.&nbsp;<\/p>\n\n\n\n<p>\u201cI think it\u2019s just very transparent \u2013 they don\u2019t want competition,\u201d Andreessen Horowitz partner and letter signatory Alex Rampell said in an interview.&nbsp;<\/p>\n\n\n\n<p>The CEOs were joined by trade groups including the Financial Technology Association and the American Fintech Council.<\/p>\n\n\n\n<p>\u201cThey\u2019ve seen what the power of open banking and what open finance can do, so they want to ensure that incumbent institutions or incumbent finance aren\u2019t preventing that innovation from occurring,\u201d Penny Lee, CEO of the fintech lobbying group FTA, said in an interview.<\/p>\n\n\n<div class=\"wp-block-ub-divider ub_divider ub-divider-orientation-horizontal\" id=\"ub_divider_d7515555-3d5a-4137-9cfd-2e8f665e37dc\"><div class=\"ub_divider_wrapper\" style=\"position: relative; margin-bottom: 2px; width: 100%; height: 2px; \" data-divider-alignment=\"center\"><div class=\"ub_divider_line\" style=\"border-top: 2px solid #ccc; margin-top: 2px; \"><\/div><\/div><\/div>\n\n\n<h3 class=\"wp-block-heading\">JPMorgan wants to choke off crypto by taxing your bank data, says Tyler Winklevoss<\/h3>\n\n\n\n<p>By Jai Hamid<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.cryptopolitan.com\/wp-content\/uploads\/2025\/07\/Tyler-Winklevoss-1.webp\" alt=\"JPMorgan wants to choke off crypto by taxing your bank data, says Tyler Winklevoss\"\/><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\">In this post:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tyler Winklevoss says JPMorgan wants to block free access to bank data to destroy crypto and fintech startups.<\/li>\n\n\n\n<li>JPMorgan plans to charge fees to third-party apps like Plaid, which could shut out small firms and drive up costs.<\/li>\n\n\n\n<li>Jamie Dimon defends the fees as necessary for security, but critics say it\u2019s just a move to kill competition.<\/li>\n<\/ul>\n\n\n\n<p><strong>Tyler Winklevoss says JPMorgan is trying to kill crypto by charging people to access their own bank data. He posted on X accusing the $800 billion bank and other Wall Street players of launching an attack on open banking and the third-party apps that make crypto accessible to millions.<\/strong><\/p>\n\n\n\n<p>Tyler said they\u2019re targeting companies like Plaid to cut off the link between your fiat account and your crypto wallet; Gemini, Coinbase, Kraken, all of them.<\/p>\n\n\n\n<p>According to Tyler, who co-owns Gemini, JPMorgan and its allies \u201cwant to take away your right to access your banking data for free\u201d and replace it with massive fees that would wreck the startups helping people move money into crypto.<\/p>\n\n\n\n<p>That includes third-party aggregators, fintech bridges, and anyone building on top of the open banking rule under Section 1033 of the Consumer Financial Protection Act. Tyler warned that JPMorgan is actively suing the Consumer Financial Protection Bureau to kill the Open Banking Rule and shut the door on data access altogether.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fees could crush small fintechs and block crypto transfers<\/h3>\n\n\n\n<p>Last month, JPMorgan told fintechs it plans to charge fees every time they access a customer\u2019s account data. That means any time someone moves money from a JPMorgan Chase account to a crypto exchange like Coinbase or Kraken, the middlemen that provide the tech, like Plaid or MX, will now have to pay up.<\/p>\n\n\n\n<p>They\u2019re expected to pass those charges on to their clients. In some cases, the fees could even hit consumers. Another said the fees would be higher than what their fintech had earned in an entire decade. This would require everyone to raise prices by 1000% to cover the cost. Smaller startups would no longer be able to serve customers who bank with JPMorgan.<\/p>\n\n\n\n<p>Arjun Sethi, co-CEO of Kraken, said JPMorgan is taking ownership of customer data and treating it like a product. \u201cOnce data becomes a revenue stream, the goal is to fragment it, lock it in, and sell it at margin,\u201d Arjun said on X.<\/p>\n\n\n\n<p>Tyler\u2019s <a href=\"https:\/\/x.com\/tyler\/status\/1946728768443150740?s=46\">post<\/a> triggered hundreds of responses on X. One user said, \u201cChase has been relentlessly blocking my wires to Kraken even when I go into a physical branch.\u201d Another said, \u201cBig banks are terrified that you might actually control your own financial data. They\u2019d rather keep you trapped.\u201d<\/p>\n\n\n\n<p>Andy Barr, who said he doesn\u2019t care about crypto, still admitted this hurts fintech. \u201cOpen Banking is a basic thing most of the world has adopted or is adopting,\u201d he said. \u201cNot enforcing it would just put us further behind.\u201d<\/p>\n\n\n\n<p>One user argued that giving Plaid or any third party your bank login credentials is a bad idea. \u201cRemember, if it is free, you are the product,\u201d they wrote.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jamie Dimon wants total control, with no competition<\/h3>\n\n\n\n<p>Jamie Dimon, CEO of JPMorgan Chase, made it clear during a 2021 analyst call that he doesn\u2019t like fintechs. He told investors that traditional banks should be \u201cscared sh**less\u201d of startups like Plaid and that competition would be brutal for the next decade. He said he expects to win that fight, and since then, he\u2019s been trying to make sure no one else does.<\/p>\n\n\n\n<p>Jamie wrote in his annual shareholder letter this year that a battle with third-party aggregators was already building. He said JPMorgan is willing to share data, but only if it\u2019s done the way they want. Customers, he said, should authorize everything.<\/p>\n\n\n\n<p>They should also know exactly how their data is being used and when. He claimed that companies like Plaid are exploiting bank data for profit and argued that they should be forced to pay to use JPMorgan\u2019s infrastructure.<\/p>\n\n\n\n<p>During JPMorgan\u2019s earnings call, Jamie added that running APIs and keeping systems secure costs real money. But not everyone buys that logic. Critics believe this is about cutting off competition, not protecting customers. Harshita Rawat, a research analyst at Bernstein, estimated <a href=\"https:\/\/www.cryptopolitan.com\/jpmorgan-says-tokenized-deposits-are-favored\/\">JPMorgan<\/a> has about 20 million checking accounts.<\/p>\n\n\n\n<p>That\u2019s 20 million people who could soon be blocked from using third-party apps with crypto. The bank has already told Plaid and other aggregators that fees are coming. Nobody knows the exact price tag yet.<\/p>\n\n\n\n<p>PayPal and Block might be fine for now. Analysts think they have already worked out deals with JPMorgan that shield them from these new costs. But others say this view is too optimistic.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;ve also included a second article at bottom, as it&#8217;s hard to discern what is really going on here. There seems to be part of it dealing with wire transfers to and from cryptocurrency exchanges, but I think there is another angle. Some of these FinTech services want you to give them your bank login, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-13096","post","type-post","status-publish","format-standard","hentry","category-tech","category-world"],"blocksy_meta":[],"featured_image_src":null,"author_info":{"display_name":"Jason","author_link":"https:\/\/jasonsblog.ddns.net\/index.php\/author\/jturning\/"},"_links":{"self":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/13096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/comments?post=13096"}],"version-history":[{"count":1,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/13096\/revisions"}],"predecessor-version":[{"id":13097,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/13096\/revisions\/13097"}],"wp:attachment":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/media?parent=13096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/categories?post=13096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/tags?post=13096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}