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Crypto Industry Calls on Trump to Block JPMorgan's 「Punitive Tax」 on Data Access
BlockBeats News, July 24th, according to CoinDesk's report, ten financial technology and cryptocurrency trade associations such as the Blockchain Association and the Crypto Council for Innovation have urged President Trump to stop big banks from levying fees that could hinder innovation and competition. These organizations warned that JPMorgan's plan to charge fees for accessing consumer banking data could lead to millions of Americans losing their bank accounts and could potentially hinder the adoption of stablecoins (USDC, USDT) and self-hosted wallets.
The CFPB's open banking rule allows consumers to freely access bank data, but this rule is under threat as banks have sued to block the rule, and the CFPB has requested to rescind the rule. At the heart of this dispute is how Americans fund digital wallets and exchanges. Aggregators like Plaid and MX allow consumers to move funds from bank accounts to platforms like Coinbase or Kraken. These connections rely on direct access to user-authorized data.
So far, banks have allowed this access for free. However, JPMorgan has started notifying aggregators that they will need to pay for this—reportedly, for Plaid alone, the annual fee can be as high as $300 million, representing over 75% of the company's revenue. These organizations are urging the White House to take action by July 29th, when the government will submit a legal brief in the court battle over the Consumer Financial Protection Bureau's open banking rule.
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