Trump urged to stop taxing open banking fees levied by JP Morgan originally appeared on TheStreet .
Ten of the biggest trade associations for crypto and fintech have asked President Donald Trump to step in against what they describe as a "coordinated attack" by big banks to stifle innovation and limit consumer choice.
In a letter sent on July 23, groups including the Blockchain Association and the Crypto Council for Innovation said JPMorgan's decision to charge fees for data access could hurt crypto adoption and deprive millions of Americans of essential banking services. They argue that these fees would make it harder for people to fund digital wallets or exchanges like Coinbase and Kraken.
The core issue is open banking—the ability for users to connect their bank accounts to apps via aggregators like Plaid and MX. These connections rely on direct access to account data.
Banks had previously provided this access for free, but JPMorgan is now charging for it—up to $300 million per year for Plaid, which amounts to more than 75% of the company's revenue.
Join the discussion with CryptoWendyO on Roundtable here .
"Financial data belongs to the American people, not the banks," the letter states, as per CoinDesk. The groups warn that JPMorgan's move threatens the use of stablecoins and crypto wallets, especially in the wake of President Trump's passage of the GENIUS Act.
The trade groups have urged the White House to act before July 29, when it is scheduled to respond in court to a lawsuit challenging the Consumer Financial Protection Bureau's (CFPB) open banking rule.
Kraken co-CEO Arjun Sethi described JPMorgan's actions as "a calculated shift" toward control over user data. He warned of a future in which "every transaction in our financial lives will be tracked and priced." While crypto offers an alternative, Sethi cautioned, "that alternative is not guaranteed."
Trump urged to stop taxing open banking fees levied by JP Morgan first appeared on TheStreet on Jul 24, 2025
This story was originally reported by TheStreet on Jul 24, 2025, where it first appeared.
