A coalition of U.S. crypto, fintech, and retail groups has raised concerns that large banks' efforts to impose fees for data access could disrupt the integration of digital wallets and stablecoins with the financial system. The coalition, which includes the Blockchain Association and the Crypto Council for Innovation, has urged the Consumer Financial Protection Bureau (CFPB) to maintain key protections in its proposed Rule 1033. This rule would enable consumers to share financial data with third-party services without restrictions. The groups argue that introducing fees and limiting consumer representation could reinforce bank dominance and stifle competition, potentially leaving the U.S. behind other economies with open banking frameworks.
U.S. Crypto Coalition Warns Bank Data Fees Threaten Stablecoin Integration
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