Over 80 executives from top crypto and fintech companies have come together to urge US President Donald Trump to intervene and prevent new bank-imposed fees for accessing consumer financial data. This group includes prominent names such as Gemini, Andreessen Horowitz, Paradigm, and Kraken, all of whom have raised concerns about the impact of these fees on innovation and consumer choice.
Scheduled to go into effect in September, these charges are seen as a direct threat to the progress made in financial technology policy. The executives argue that these fees will make it harder for Americans to link their bank accounts to preferred financial products, ultimately restricting access to essential financial services. They accuse the largest banks in the country of intentionally limiting competition and consolidating control in the hands of a few institutions, which could have far-reaching implications for sectors like cryptocurrency, artificial intelligence, and digital wallets.
Kraken co-CEO Arjun Sethi has emphasized the broader implications of these fees, describing them as “technically backwards, economically short-sighted, and strategically dangerous.” He warns that these fees could hinder the growth of programmable money and open finance, turning the dynamic fintech sector into a closed ecosystem dominated by a select few players. Sethi stresses the importance of defending the principle that consumer data access should be easy, safe, and free in order to maintain leadership in innovative financial technologies.
Gemini CEO Tyler Winklevoss echoes these sentiments, highlighting the importance of unrestricted access to funds and data for consumers. He argues that banks should not be allowed to restrict access to funds and data, as this goes against the principles of capitalism and individual rights.
The executives are calling on President Trump to take action to prevent these fees from being implemented, in order to protect consumer choice, innovation, and competition in the financial services industry. Their united front signals a strong stance against what they see as anti-competitive practices that could stifle progress and limit opportunities for growth in the fintech sector.