Crypto CEO’s Urge Trump to Block Bank Fees Threatening Digital Innovation

A coalition of over 80 chief executives from the cryptocurrency and financial technology sectors has issued a urgent call to President Donald Trump, pressing for immediate action to halt major U.S. banks from imposing consumer data access fees. These fees, set to take effect in September 2025, are described as unlawful and a direct threat to the progress made in fostering a competitive, innovative financial landscape. The executives, representing a diverse array of companies, warn that such charges could severely restrict consumer control over their financial data and stifle emerging markets like cryptocurrency, decentralized finance, and digital payments. The letter, spearheaded by the Financial Technology Association (FTA), underscores the critical need to preserve open banking to maintain America’s leadership in the global financial innovation race.

The executives’ letter, addressed to President Trump on August 13, 2025, highlights the aggressive tactics employed by some of the nation’s largest banks to protect their market dominance. These institutions are planning to impose what the coalition calls “exorbitant” account access fees, which would hinder consumers from linking their bank accounts to innovative financial products offered by fintech and crypto firms. Such restrictions, the CEOs argue, not only limit consumer choice but also undermine the foundational principles of a free and competitive market that the Trump administration has championed. The letter emphasizes that these fees are not permitted under current law and, if implemented, could have far-reaching consequences for the future of digital finance in the United States.

Impact on Cryptocurrency and Financial Innovation

The proposed fees pose a particular threat to the crypto sector, which relies heavily on seamless connectivity between traditional banking systems and digital asset platforms. The executives warn that severing this connection could drive innovation offshore, diminishing U.S. influence in the rapidly growing digital asset market. Companies like Kraken, Gemini, and Robinhood, alongside organizations such as the Blockchain Association, signed the letter, stressing that reliable on-ramps to the banking system are essential for the responsible development of cryptocurrencies, DeFi applications, and blockchain-based payment systems. They argue that these fees could choke off access to financial services, effectively stifling competition and innovation in a sector poised to define the future of finance.

Beyond cryptocurrency, the CEOs highlight broader implications for artificial intelligence and digital payment systems. The letter notes that personalized AI tools, which help consumers manage their financial lives, depend on acting as authorized agents with access to account data. By imposing these fees, banks could exert undue control over the development of such tools, limiting their potential to deliver better financial solutions. Similarly, the growth of low-cost, innovative digital wallets and payment systems could be stifled, forcing small businesses to rely on costly legacy payment networks. The executives frame this as an anti-competitive move designed to consolidate power among traditional financial institutions, potentially causing smaller fintech firms and startups to shut down.

Public sentiment strongly supports the coalition’s stance, with the letter citing that 90% of Americans believe they, not banks, should control how their financial data is used. The signatories, representing a cross-section of the American economy, including innovative banks, fintech startups, crypto firms, and Main Street businesses, argue that these fees contradict the principle of consumer choice, a value President Trump supported during his first term. They call on the administration to use its full authority to prevent banks from erecting new barriers to financial freedom, emphasizing that account access and data belong to consumers. The coalition warns that allowing these fees to take effect would undermine the pro-innovation consensus the Trump administration is building.

The urgency of the situation is emphasized by the September 2025 deadline, when the fees are expected to impact the market. The executives argue that immediate action is necessary to prevent long-term damage to the U.S. financial ecosystem. They position this issue as a defining moment for America’s role in the global financial landscape, urging President Trump to act decisively to protect open banking and consumer data rights. By doing so, the administration can ensure that the United States remains a leader in technology and financial innovation, fostering an environment where consumers and businesses alike can benefit from a modern, open financial system.