A coalition of crypto and fintech trade groups is urging President Trump to defend the newly finalized U.S. open banking rules, which are being challenged in court by major banks, including JPMorgan and Wells Fargo, over concerns about security and market disruption. The groups argue that banks are stifling innovation by imposing high data access fees and undermining consumer rights to control and share their financial data, much of that with crypto wallets, exchanges, and DeFi applications. As Trump positions himself as a pro-crypto leader, the outcome of this legal battle could significantly impact the accessibility and competitiveness of decentralized finance in the U.S. financial ecosystem.

Fintech, Crypto Groups Press Trump to Protect Open Banking Amid Bank Pushback