Crypto and Fintech Unite to Fight Banks Over Your Financial Data

A coalition of crypto, fintech, and retail trade organizations is urging the U.S. Consumer Financial Protection Bureau (CFPB) to finalize open banking rules that preserve consumers’ control over their financial data.

Leading groups, including the Blockchain Association, Crypto Council for Innovation, American Fintech Council, and the Financial Technology Association, joined forces in a letter to the agency.

Consumers’ Data Rights Under Threat

The coalition highlighted that Americans should retain ownership of their financial information and freely share it with any authorized third-party provider, not just traditional banks or fiduciaries. They also called for maintaining the current ban on data-access fees, arguing that any charges could stifle competition and harm fintech innovation. According to the letter, over 100 million Americans rely on open banking tools – ranging from crypto wallets to investment platforms – to manage finances and run businesses.

Pushback From Major Banks

Despite its global adoption in regions like the EU, UK, and Brazil, open banking has faced resistance in the U.S. From the moment the rule was finalized in October 2024, trade groups representing major banks – including Wells Fargo, Bank of America, and JPMorgan Chase – challenged it in court, citing security concerns and regulatory burdens. Reports also surfaced that JPMorgan intended to begin charging fintech companies for access to customer banking data.

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Crypto Industry Ramps Up Pressure

The latest letter follows a series of appeals from the crypto and fintech sectors. In July and August 2025, more than 80 executives petitioned the White House to block banks from imposing fees or restricting access to customer data. Gemini co-founder Tyler Winklevoss warned on X that efforts to weaken the Open Banking Rule would limit consumer choice and hinder innovation in both crypto and broader financial services.

The CFPB is accepting public comments on the rule until tomorrow, marking a final opportunity for stakeholders to weigh in on the future of open banking in the U.S.