A letter from over 80 crypto and fintech executives to the Trump administration, is urging a block on bank fees for customer data access, a move tied to a January 23, 2025, executive order promoting blockchain and digital asset growth, reversing Biden-era policies like Executive Order 14067.
This push aligns with a Bloomberg report from August 14, 2025, noting companies like Klarna and Robinhood argue these fees could stifle innovation, a concern backed by a 2023 Federal Reserve study showing restricted data access reduced fintech loan approvals by 15% due to higher operational costs.
The debate reflects a broader shift, with Trump’s pro-crypto stance—evidenced by his Nashville Bitcoin conference appearance in July 2024—challenging traditional banking dominance, though no peer-reviewed studies yet quantify the long-term economic impact of such policies.
