U.S. Crypto Coalition Warns Bank Data Fees Could Cut Off Stablecoins and Wallets

Why It Matters

financial ecosystem.

Summary

A coalition of crypto, fintech and retail groups urged the Consumer Financial Protection Bureau to preserve strong open‑banking protections in pending Rule 1033, warning that big banks’ efforts to charge for customer data access or narrow who qualifies as a consumer representative would choke links between U.S. banks and crypto wallets, exchanges and stablecoins. Signatories including the Blockchain Association, Crypto Council for Innovation and major retail groups argue fees would entrench incumbents, stifle competition and raise routine operational costs for fintech innovators. The coalition warns that diluting the rule risks leaving the U.S. behind established open‑banking jurisdictions like the U.K., Singapore and Brazil and imperils the competitiveness and innovation of the U.S. financial ecosystem.