A group of trade organizations representing the crypto, fintech, retail, and restaurant industries has asked US President Donald Trump to support rules that let people share their financial data with apps and services of their choice.
According to a letter dated July 23, groups such as the Blockchain Association, Crypto Council for Innovation, and Financial Technology Association said that big banks are working against innovation.
These banks are suing to stop the open banking rule and making it harder for apps to get the information they need to function.
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The letter read:
Let us be clear: financial data belongs to the American people, not the banks. The freedom to choose financial tools and control one’s own data is fundamental to free markets and personal liberty—core American values.
The groups are requesting that the Trump administration submit a legal brief by July 29. This brief would tell the court that consumers, not banks, own their financial data and should be able to share it with other services without paying fees.
The letter also explains that the rule helps everyone in the financial system. It stated that the rule improves safety and gives clear standards for data sharing. These standards benefit banks, tech firms, and crypto companies alike.
Additionally, the letter said that strong innovation in this area has made the US a global leader in finance.
On July 17, several banking and credit union groups asked US regulators to hold off on granting federal bank licences to crypto companies. What did they say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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