Crypto and fintech groups urge Trump administration to defend CFPB’s open banking rule

Cryptocurrency and fintech advocacy groups, including the Blockchain Association and Crypto Council for Innovation, sent a letter urging the Trump administration to support the Consumer Financial Protection Bureau's (CFPB) open banking rule. This rule mandates that banks and credit unions make consumer financial data available upon request to consumers and authorized third parties. Major banks, represented by the Bank Policy Institute, oppose the rule, arguing it jeopardizes consumer privacy, and have sued the CFPB. The CFPB later paused litigation to reopen the rule. The advocacy groups argue that banks seek to weaken data sharing to protect their market position and that strong open banking policies are crucial for American competitiveness, innovation, and parity with global economies like the UK and EU. Gemini co-founder Tyler Winklevoss also criticized banks for wanting to control consumer financial data.

(Source：The Block)