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

A coalition of U.S. crypto, fintech, and retail groups, including the Blockchain Association and the Crypto Council for Innovation, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to finalize its pending Rule 1033 without imposing fees for consumer data access. The groups argue that large banks are lobbying to narrow who qualifies as a consumer representative and to charge for data access, which would undermine open banking principles. If enacted, these changes would entrench incumbents, weaken competition, and potentially disconnect digital wallets and stablecoins from the U.S. financial system. The coalition stressed that strong open banking rules are vital for a competitive ecosystem and keeping the U.S. competitive globally, as frameworks are already standard in places like the U.K., Singapore, and Brazil.

(Source：CoinDesk)