The US cryptocurrency industry urges Trump to stop JPMorgan from imposing a "punitive tax" on data access

ChainCatcher news, according to Coindesk, ten fintech and cryptocurrency trade organizations, including the Blockchain Association and the Crypto Innovation Council, have written to President Trump, urging him to stop JPMorgan from charging "punitive fees" for accessing consumer banking data. This plan is said to potentially hinder the development of open banking, jeopardizing millions of users' access to their data, and negatively impacting the use of stablecoins (such as USDC, USDT) and self-custody wallets.

The letter states that JPMorgan charges aggregators like Plaid annual fees of up to $300 million, severely damaging the financial innovation ecosystem. This move also conflicts with the CFPB's Open Banking Rule Section 1033, which originally required banks to provide consumers with free access to their data. The rule is currently being challenged by banks, and the CFPB has countered by requesting the court to dismiss the case.

The associations are calling on the White House to intervene by July 29 to defend data openness and financial competition. The co-CEO of Kraken stated that the banks' actions represent a "centralized shift towards control," while cryptocurrency is seen as an "anti-censorship alternative."