- Crypto and fintech leaders call on Trump to block bank fees.
- Fees threaten innovation and competition in crypto and DeFi.
- Potential impact on BTC, ETH, and DeFi tokens.
Over 80 leaders from major crypto firms like Gemini and Robinhood have urged Donald Trump to prevent large US banks from imposing new fees for third-party banking data access.
These fees jeopardize innovation and competition in the crypto and DeFi sectors by increasing operational costs, potentially stalling growth and deterring investment.
More than 80 crypto executives have appealed to Donald Trump to prevent large US banks from imposing new data access fees. These fees, according to industry leaders, pose a risk to innovation and competition in the crypto and DeFi sectors.
Major signatories include executives from Gemini, Robinhood, and Kraken. They argue the banks’ fees hinder innovation and threaten consumers’ control over their financial lives. The joint letter emphasizes potential negative impacts on the digital economy.
The proposed fees could significantly affect the DeFi market and associated industries. Key stakeholders warn that increased operational costs might discourage investment and development in the US, impacting both startups and established crypto companies.
These changes might also affect key cryptocurrencies like BTC and ETH, which are crucial for DeFi protocols. The increased costs could create barriers to user access and innovation, ultimately affecting the cryptocurrency market dynamics.
The CFPB continues to review regulations surrounding data access, causing regulatory uncertainty. Emerging discussions online underline concerns that the US could become less competitive in the DeFi space if access costs rise.
Historical instances show that efforts to restrict access to banking data, like the Dodd-Frank Act, often lead to legal challenges or shifts to more open jurisdictions. The current situation might impact liquidity flows in the US crypto sector.
Large banks are taking aggressive action to preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice. This access is critical to ensuring Americans have control of their own financial lives in a digital economy.
– Tyler Winklevoss, Co-founder, Gemini
