Summary: Crypto, fintech lobbies urge Trump to defend open banking amid big banks’ legal challenge

Battle for Your Financial Freedom: Crypto and Fintech Leaders Call on Trump to Defend Open Banking A powerful coalition of crypto, fintech, and retail trade groups is urgently calling on President Donald Trump to defend the nation’s open banking framework. They warn that major banks’ legal challenges directly threaten consumer data rights and could derail the administration’s innovation agenda. The conflict centers on the open banking rule, finalized under Trump, which enables consumers to share their financial data freely with third-party services. Major banks immediately sued to block this, also imposing high data access fees. The coalition alleges banks exploit uncertainty to preserve dominance, stifling competition and disadvantaging digital asset firms. With a critical July 29 deadline, these groups demand the government affirm consumer data ownership, ensuring free sharing without costs or restrictions. Beyond domestic concerns, weakening these rights could erode America's global leadership in fintech and digital asset innovation. Representing millions of consumers and businesses, this coalition emphasizes securing modern, affordable financial services for all Americans.