X @Bitcoin

Industry Trend & Data Monetization - JPMorgan is initiating charges for fintech companies to access user data, including transaction histories, balances, and behavioral signals [1][2] - This move signifies a shift towards extracting value from user data within the financial infrastructure, mirroring patterns observed in other industries like operating systems and app stores [3] - The incentive for infrastructure providers is to fragment, lock in, and sell data at a margin once it becomes a revenue stream [5] Technical & Regulatory Concerns - Financial APIs, unlike public protocols, are controlled endpoints with restrictions, compliance requirements, and contractual dependencies, allowing banks to control who can build and what they can offer [4] - In Europe, despite PSD2 mandating data sharing, many institutions have resisted compliance or introduced friction [8] - Centralization of financial infrastructure in countries like China and India, combining state-linked identity with payment systems, reduces user-level portability [9] Crypto & Blockchain Alternative - Public blockchains offer an alternative by inverting the architecture, providing permissionless read and write access to data on globally accessible networks [5] - Crypto creates an escape path from platforms that want to monetize every layer of user activity while preventing competition from emerging [7] - The industry should focus on building better access, more open architecture, and more composable systems by investing in protocols and shared infrastructure [12]