Catenaa, Sunday, October 26, 2025- Cryptocurrency and fintech advocacy organizations are pressing the Trump administration to uphold a contentious open banking rule issued by the Consumer Financial Protection Bureau (CFPB), warning that banks’ efforts to roll back the rule threaten consumer financial data rights.
In a letter sent Tuesday, the Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association said the open banking rule is necessary to preserve the principle that financial data belongs to consumers, not the nation’s largest banks.
The groups argued that strong open banking policies safeguard competition and align the US with leading economies, including the UK, Singapore, Brazil, India, Japan, Canada, and the EU.
The CFPB finalized the rule last year, requiring banks, credit unions, and other institutions to provide consumers’ financial data upon request to the consumer or authorized third parties. The Bank Policy Institute, representing major banks, sued the CFPB, claiming the rule oversteps the agency’s authority and risks consumer privacy.
In response, the CFPB announced plans in July to reopen the rule and paused related litigation.
Advocates warned that weakening open banking could stifle innovation, particularly in fast-moving sectors like artificial intelligence.
Tyler Winklevoss, Gemini co-founder, echoed concerns, saying banks aim to “tax and control your financial data and remove your freedom to choose services.” Comments on the rule are due Tuesday.
