Crypto And Fintech Execs Urge Trump To Block Big Banks’ Customer Data Fees
A group of crypto and fintech executives has urged the Trump administration to stop banks from charging fees for access to their customer data, arguing that it stifles innovation and customer choice. In a recent letter sent to the President, the group claimed to share the Trump administration’s “commitment to a dynamic, competitive US economy,” but said this “shared vision for economic freedom is under direct threat from the nation’s largest banks.” That’s after JPMorgan told fintechs and data aggregators that rely on the bank’s customer data that access to client information will no longer be freely available. PNC Financial Services Group Inc. is considering charging similar fees as well. These fees are set to impact the market in September, according to the group. The letter included participation from executives such as Andreessen Horowitz General Partner Alex Rampell, Blockchain Association CEO Summer Mersinger, Gemini co-fou...