Over 80 crypto and fintech leaders warn bank fees could kill open banking

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Oleg Tkachenko

15.08.2025

Over 80 crypto and fintech leaders warn bank fees could kill open banking — Trump urged to block bank fees threatening open banking

The U.S. Financial Technology Association (FTA) has sent a letter to Donald Trump urging him to prevent the introduction of new rules that would allow banks to charge fees for connecting customer accounts to third-party financial products such as crypto wallets, cryptocurrency exchanges, data aggregators, and other fintech platforms.

Among the signatories are executives from Gemini, Andreessen Horowitz, Paradigm, Kraken, and others, who argue that the new rules restrict U.S. citizens’ access to their own financial data (the “open banking” rule), could undermine the development of innovative products, and may lead to “the complete shutdown of small businesses and financial tools.”

According to the FTA, imposing these fees would consolidate control in the hands of a few institutions, limit competition, and suppress progress in three strategic sectors — cryptocurrency, artificial intelligence, and digital wallets.

Kraken co-head Arjun Sethi said he signed the letter in defense of financial freedom because “the stakes go far beyond fintech.” He called the proposed fees “technologically backward, economically short-sighted, and strategically dangerous,” warning that they threaten the foundations of programmable money and open finance.

“If we want to be leaders in programmable money, real-world assets, stablecoins, and self-custodial finance, we must uphold a core principle: consumer data access should be simple, safe, and free,” Sethi stated.

Banks reluctant to bear extra costs

Banks argue that implementing and maintaining API access systems is expensive, especially if fintechs or data aggregators start making large-scale requests. They say additional security measures will be required to protect customer data from fraudsters.

They also claim that the Consumer Financial Protection Bureau (CFPB) has exceeded its authority by requiring them to share data and banning access fees, as such mandates go beyond the law and demand an excessively fast and unjustified transformation.

Although exact amounts and fee structures have not yet been disclosed, JPMorgan has already sent price lists to data aggregators. According to Bloomberg and the Financial Times, companies focused on payments, such as PayPal, may face higher charges. In any case, the sums involved could total hundreds of millions of U.S. dollars.

Crypto and fintech industry leaders believe such fees could destroy the business models of smaller players and block consumers’ access to alternative financial products.

As we wrote, Gemini slams JPMorgan for anti-competitive crypto market behavior

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