Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Crypto and fintech groups urge Trump administration to defend CFPB's open banking rule

Crypto and fintech groups urge Trump administration to defend CFPB's open banking rule

The BlockThe Block2025/10/20 16:00
By:By Sarah Wynn

Quick Take The Consumer Financial Protection Bureau finalized a rule last year requiring banks, credit unions, and others to make available consumers’ data. In the letter on Tuesday, crypto and fintech groups said the open banking rule is needed to preserve the “fundamental principle that financial data belongs to the American people, not the nation’s largest banks.”

Crypto and fintech groups urge Trump administration to defend CFPB's open banking rule image 0

Cryptocurrency and fintech advocacy groups are pressing the Trump administration to back a contentious open banking rule that holds sway over consumers' ability to share their financial data.

The Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association, among others, warned that consumer financial data rights are "under attack," while criticizing banks' pushback, in a letter sent Tuesday to the Consumer Financial Protection Bureau.

"The nation’s largest banks want to roll back open banking, weaken consumer financial data sharing, and crush competition to protect their position in the marketplace," they said in the letter.

The CFPB, which aims to ensure consumers are treated fairly by banks and other financial institutions, finalized a rule last year requiring banks, credit unions, and others to make available consumers' data "upon request to consumers and authorized third parties." The Bank Policy Institute, which represents the country's top banks, sued the CFPB, arguing that the agency overstepped and said the rule "jeopardizes consumers’ privacy" and said banks have a responsibility to protect consumers.

The Financial Technology Association pushed back, and in July of this year, the CFPB said it planned to reopen the rule, pausing litigation.

In Tuesday's letter, the groups said the open banking rule is needed to preserve the "fundamental principle that financial data belongs to the American people, not the nation’s largest banks." They warned that not having open banking policies would harm competitiveness.

"Strong open banking policies put us on par with leading economies, including the United Kingdom, Singapore, Brazil, India, Japan, Canada, and the European Union, which all safeguard consumers’ rights to their data," they said in the letter. "If we limit that right, we risk not just today’s financial progress, but American competitiveness and the future of innovation, particularly in fast-moving spaces like artificial intelligence."

The issue has also garnered a reaction from Gemini co-founder Tyler Winklevoss.

"Banks want to gut the Open Banking Rule (1033) so they can tax and control your financial data and remove your freedom to choose the services you want," Winklevoss said on Monday in a post on X. "This is bad for crypto and financial innovation in America."

Comments are due Tuesday on the rule.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!