U.S. Crypto Coalition Warns Bank Data Fees Could Cut Off Stablecoins and Wallets

Core Viewpoint - A coalition of U.S. crypto, fintech, and retail groups is advocating for the preservation of open banking regulations, warning that large banks' efforts to charge for data access could hinder connections between the financial system and digital wallets and stablecoins [1] Group 1: Coalition's Composition and Actions - The coalition includes organizations such as the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores, and the National Retail Federation [2] - These groups have reached out to the Consumer Financial Protection Bureau (CFPB) to maintain essential protections in the upcoming Rule 1033, which would allow consumers to share their financial data freely with third-party services [2] Group 2: Concerns Over Banking Lobbying - The coalition expressed concerns that large banks are lobbying to limit who can be considered a consumer representative and to impose fees for data access [3] - Such changes could reinforce the dominance of incumbent banks, reduce competition, and sever the connections between crypto and digital wallets and the U.S. banking system [3] Group 3: Importance of Open Banking - The coalition emphasized that a robust open banking rule is vital for a competitive and innovative financial services ecosystem [4] - They argue that many financial innovations in the U.S. over the past decade were developed under the expectation of an open banking system [4] Group 4: Competitive Landscape - The coalition warned that weakening Rule 1033 could result in the U.S. falling behind other major economies like the U.K., Singapore, and Brazil, where open banking frameworks are already established [5] - They urged the CFPB to finalize Rule 1033 without yielding to the largest banks' attempts to impose fees on access to consumers' financial data [5]