A group of financial technology and cryptocurrency companies has asked President Donald Trump to stop banks from charging fees for sharing customer account information.
The request came in an August 13 letter signed by Gemini
$182.58M
They stated that the new “account access” fees would reduce competition and harm industries such as cryptocurrency, artificial intelligence (AI), and digital payments.
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These companies depend on access to bank data so users can transfer money between bank accounts and their platforms.
The letter warned that higher costs could force some products to shut down and limit options for consumers. It also argued that the United States could lose ground in developing digital assets if the connection between banks and new financial tools is weakened.
The group also asked the president to use his authority to block large banks from adding new fees. It stated that the country’s leadership in digital assets depends on “safe, reliable on-ramps” between the banking system and new financial services.
Banking groups, led by the American Bankers Association, argued that it would interfere with free market principles and amount to government control over pricing.
The banks noted that the proposal came from “middlemen” trying to benefit at no cost from the security systems that banks have paid to develop.
Meanwhile, US Senator Elizabeth Warren recently urged the Office of the Comptroller of the Currency (OCC) to address possible conflicts from President Trump’s ties to stablecoin USD1. What did she say? Read the full story.
