Cryptocurrency and fintech lobbying groups urge Trump to defend open banking amid legal challenges from major banks

According to CryptoSlate, 11 industry organizations including the Fintech Association, Blockchain Association, and Crypto Innovation Council jointly sent a letter to US President Trump on July 23, calling for the maintenance of open banking rules. These organizations warn that large banks attempting to obstruct the implementation of the rule through legal lawsuits and high data access fees may limit consumers' rights to use digital wallets and encrypted payment applications. The open banking rules were established during Trump's first term, allowing consumers to share financial data with third-party service providers for free. But major banks in the United States filed lawsuits on the day the rules came into effect. The industry alliance pointed out that the government needs to submit a defense brief for the relevant lawsuit on July 29th, which will be a key point in determining the competitiveness of US fintech. The letter emphasizes that consumers should have the right to independently choose the objects of financial data sharing, otherwise it will weaken the leading position of the United States in the field of digital asset innovation.