Executives from the cryptocurrency and fintech sectors called on President Donald Trump on Aug. 13 to stop banks from imposing what they described as unlawful consumer data access fees.

In a letter published by the Financial Technology Association (FTA) and signed by more than 80 CEOs, the group cautioned Trump: “Today, the progress your administration has made is being actively threatened as some of the nation’s biggest banks find new ways to deny consumers access to basic financial services.” The letter added:

Large banks are taking aggressive action to preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice.

The charges are scheduled to take effect in September, a move they say will restrict consumer control over financial data and harm emerging markets such as cryptocurrency.

The CEOs emphasized that digital assets face particular danger if the proposed fees are implemented, warning:

Cryptocurrency: America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting our banking system to the new ecosystem. Severing this connection will drive innovation offshore and diminish U.S. influence.

Signatories from companies such as Kraken, Gemini, Robinhood, and the Blockchain Association argued that uninterrupted account connectivity is vital to decentralized finance, blockchain-based payments, and crypto exchanges.

They claimed the restrictions would undermine innovation, limit consumer choice, and consolidate power in traditional financial institutions. Urging immediate intervention, the coalition stated:

We urge you to use the full power of your office and the broader Administration to prevent the largest institutions from raising new barriers to financial freedom.

While banks may contend that the fees reflect the cost of maintaining secure account access, crypto advocates counter that the measures are anti-competitive and unnecessary. They argue that open banking is essential for sustaining U.S. leadership in blockchain technology, digital asset adoption, and the wider financial innovation ecosystem.

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