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Crypto and fintech groups are urging Trump to defend open banking rules, warning the case could affect access to wallets, DeFi app<\/a>s, and stablecoins.<\/p>\n A coalition of trade groups representing the crypto, fintech, retail, and restaurant industries is urging President Donald Trump to defend open banking rules under a so-called legal attack by the nation\u2019s largest banks.<\/p>\n In a letter<\/a> sent July 23, organizations including the Blockchain Association, Crypto Council for Innovation, and the Financial Technology<\/a> Association claim that the US\u2019s most powerful banks are undermining innovation by suing to block the implementation of new open banking rules and imposing \u201cstunning\u201d new data fees on fintech and crypto apps.<\/p>\n On July 11, Bloomberg reported<\/a> that JPMorgan plans to start charging fintech firms fees for access to their customers\u2019 bank account data. According to pricing sheets sent to customers, the fees vary based on how the information is used, with higher charges applied to payments companies.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n