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Kraken· 2025-10-14 20:31
Open Finance & Innovation - Openness fuels iteration and progress, benefiting consumers through faster innovation and cheaper products [2][3] - Closed access slows innovation, allowing large players to control APIs and pricing, shifting from value creation to rent collection [4] - Open banking promises portable user data and permissioned access, contrasting with platforms that capture distribution and control [5][6] Regulatory & Policy Implications - The Consumer Financial Protection Bureau (CFPB) is rewriting rules for financial data access, determining whether open banking becomes a foundation for innovation or a closed system [3] - Section 1033 of Dodd-Frank should empower individuals with control over their financial data, not restrict it [7] - The industry emphasizes the importance of submitting public comments to the CFPB by October 21 to advocate for open systems [7][8] Crypto & Blockchain Perspective - Crypto, specifically public blockchains, exemplifies permissionless innovation through open ledgers [6] - Public blockchains operate at the speed of code, enabling anyone to build without permission [6] Strategic Imperative - The industry believes that failing to embrace open systems will result in being left behind [8]