U.S. Crypto Coalition Warns Bank Data Fees Could Cut Off Stablecoins and Wallets

Fintech and crypto groups are urging the Consumer Financial Protection Bureau to halt banks charging for user information access, saying the determination would undermine unfastened banking and disconnect crypto wallets and stablecoins from the U.S. fiscal system.

Oct 21, 2025, 9:00 a.m.

A conjugation of U.S. crypto, fintech and retail groups is uniting to support unfastened banking, warning successful a letter that large banks’ attempts to complaint for information entree could choke disconnected the connections betwixt the fiscal strategy and integer wallets and stablecoins.

Groups including the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores and the National Retail Federation person written to the Consumer Financial Protection Bureau (CFPB) asking the regulator to preserve cardinal protections successful its pending Rule 1033.

The regularisation would springiness consumers the close to freely stock their fiscal information with third-party services, allowing them to link slope accounts to crypto exchanges, stablecoin wallets and different fintech platforms.

The conjugation said ample banks are lobbying to constrictive who qualifies arsenic a user typical and to enforce fees for information access. Those changes would entrench incumbents, weaken contention and chopped crypto and integer wallets' links to the U.S. banking system, the radical said.

"A beardown unfastened banking regularisation is important to a competitive, flourishing, and innovative fiscal services ecosystem," the missive reads. "Over the past decade, galore of the fiscal innovations Americans usage contiguous were developed with the argumentation certainty that the United States was moving toward an unfastened banking system."

While banks accidental that unfastened banking would adhd costs for them, the conjugation argued that these costs — similar unreality retention and exertion infrastructure — are regular and expected for immoderate modern slope astir the world.

The conjugation warned that weakening Rule 1033 could permission the U.S. lagging down different large economies specified arsenic the U.K., Singapore and Brazil, wherever unfastened banking frameworks are already standard.

“Strong unfastened banking rules are what support the U.S. competitive,” the radical wrote, urging the CFPB to finalize Rule 1033 “without capitulating to the largest banks’ attempts to taxation entree to Americans’ ain fiscal data.”

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