TechFlow, July 24 — According to CoinDesk, ten major fintech and cryptocurrency trade associations, including the Blockchain Association and the Chamber of Digital Commerce, jointly sent a letter to President Trump urging action to stop large banks from charging fees for data access.
JPMorgan’s plan to charge for consumer banking data access could lead to millions of Americans being de-banked and threaten the adoption of stablecoins (USDC, USDT) and self-custody wallets. Reports indicate JPMorgan is demanding that data aggregator Plaid pay up to $300 million annually—more than 75% of its revenue.
The controversy centers on how Americans fund their digital wallets and exchanges. Aggregators like Plaid and MX enable consumers to transfer funds from bank accounts to platforms such as Coinbase or Kraken. While banks previously allowed free access to user-authorized data, JPMorgan has now begun imposing charges.
The Consumer Financial Protection Bureau’s open banking rule mandates that banks provide free access to consumer account data, but banks have filed lawsuits to block the rule’s implementation.
