U.S. Coalition Opposes Bank Data Fees Impacting Crypto Access
- A coalition of U.S. crypto, fintech, and retail groups has warned against big banks charging for data access.
- Groups like the Blockchain Association and the National Retail Federation wrote to the CFPB urging protection of Rule 1033.
- Rule 1033 would allow consumers to share financial data with third-party services, linking bank accounts to stablecoin wallets and crypto exchanges.
- The coalition claims that proposed changes by large banks could weaken competition and limit access to digital wallets.
- They argue that strong open banking regulations are essential for maintaining U.S. competitiveness in global finance.
The coalition emphasizes that weakening Rule 1033 could hinder innovation and consumer choice in financial services, particularly affecting connections between traditional banking and emerging technologies like wallets and stablecoins.
The letter highlights the importance of finalizing Rule 1033 to prevent banks from imposing fees on data access, which could stifle growth in the financial sector.(Source)
