Regulatory & Legal Challenges - The "Open Banking Rule" under Section 1033 of the Consumer Financial Protection Act grants users the right to access banking data via third-party apps [2] - Banks are allegedly suing the CFPB to overturn the Open Banking Rule, potentially ending the open banking era [2] Fintech & Crypto Industry Concerns - Banks are accused of attempting to eliminate fintech and crypto companies [1] - Banks allegedly aim to charge exorbitant fees for access to banking data, impacting fintechs that facilitate account linking with crypto platforms like Gemini, Coinbase, and Kraken [1] - The alleged actions could bankrupt fintechs that help users fund accounts with fiat currency to buy Bitcoin and crypto [1] Political & Innovation Stance - The alleged actions are viewed as regulatory capture that stifles innovation and harms consumers [2] - The alleged actions are seen as undermining the mandate to make America a pro-innovation and crypto capital [3]