Crypto Industry Appeals to President Trump to Halt JPMorgan’s ‘Punitive Tax’ on Consumer Data Access
July 24, 2025 — A coalition of leading fintech and cryptocurrency trade associations has urged former President Donald Trump to intervene against JPMorgan Chase’s recent move to impose substantial fees on accessing consumer banking data. The groups warn this action threatens innovation, consumer choice, and the future of stablecoins and self-custody wallets.
Banks Charging for Data Access: A Threat to Open Banking
Ten major fintech and crypto organizations, including the Blockchain Association and the Crypto Council for Innovation, sent a joint letter to President Trump on Wednesday demanding that the White House defend the principle of open banking and prevent big banks from charging fees for customer data access.
JPMorgan Chase, the largest U.S. bank, has begun notifying financial data aggregators such as Plaid and MX that it will start charging for the user-permissioned data allowing consumers to link their bank accounts to crypto exchanges and digital wallets. Reportedly, JPMorgan’s proposed fees could reach $300 million annually for Plaid alone, representing over 75% of the data aggregator’s revenue.
The letter argues, “Financial data belongs to the American people, not the banks.” It calls the fees a “punitive tax” that risks de-banking millions of Americans by making it prohibitively expensive to transfer funds to innovative financial platforms.
The Fight Over the CFPB’s Open Banking Rule
At the heart of the dispute lies the Consumer Financial Protection Bureau’s (CFPB) open banking rule—finalized in late 2024 as Rule 1033—which mandates that banks provide consumers with free access to their account data and enable them to share it securely with third-party services.
The rule aims to level the playing field between legacy banks and fintech firms by preventing banks from monopolizing consumer financial data. However, major banks immediately sued to block the rule upon its release, and the CFPB has since reversed course by requesting the court to vacate the rule.
The White House is expected to file a legal brief opposing the banks’ lawsuit by July 29—a deadline the trade groups want President Trump to influence in favor of maintaining open banking.
Impact on Stablecoins and Self-Custody Wallets
Access to consumer banking data is fundamental for powering digital wallets and cryptocurrency exchanges. Aggregators enable end users to transfer funds from their bank accounts to platforms such as Coinbase and Kraken. Without affordable data access, these services could become less viable for millions.
The letter warns the fees could “cripple the adoption” of stablecoins like USDC and USDT, which play an essential role in crypto ecosystems as digital dollar substitutes. The move could also stifle innovation in self-custody wallets that rely on smooth funding from traditional bank accounts.
Kraken co-CEO Arjun Sethi weighed in on social media platform X (formerly Twitter), describing JPMorgan’s move as a “calculated shift” that turns data access into a toll. He cautioned that if unchecked, financial data could become subject to centralized control, undermining crypto’s promise of decentralized finance alternatives.
Calls for Immediate Action
The coalition of fintech and crypto groups is pressing for swift White House intervention to preserve consumer rights and foster financial innovation. They emphasize that open access to financial data should remain free and that consumers—not banks—should control their own information.
As the CFPB’s open banking rule faces a pivotal legal battle, the industry’s appeal highlights the broader tensions between incumbent banks and emerging fintech players amid the evolving landscape of digital finance.
Cryptocurrency Market Snapshot (As of July 24, 2025):
- Bitcoin (BTC): $116,258.88 (-1.87%)
- Ethereum (ETH): $3,713.48 (+2.43%)
- XRP: $3.1153 (+0.45%)
- USDT: $1.0001 (-0.04%)
- USDC: $0.9999 (unchanged)
(The crypto market remains volatile as regulatory and infrastructural developments continue to influence investor sentiment.)
Sam Reynolds is a senior reporter based in Asia focused on crypto regulatory and policy developments. He was part of the team awarded the 2023 Gerald Loeb award for breaking news coverage of the FTX collapse.