“Fintech and crypto groups are urging the Consumer Financial Protection Bureau to stop banks charging for consumer data access, saying the move would undermine open banking and disconnect crypto wallets and stablecoins from the US financial system.”, — write: www.coindesk.com
Groups including the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores and the National Retail Federation have written to the Consumer Financial Protection Bureau (CFPB) asking the regulator to preserve key protections in its pending Rule 1033.
The rule would give consumers the right to freely share their financial data with third-party services, allowing them to connect bank accounts to crypto exchanges, stablecoin wallets and other fintech platforms.
The coalition said large banks are lobbying to narrow who qualifies as a consumer representative and to impose fees for data access. Those changes would entrench incumbents, weaken competition and cut crypto and digital wallets’ links to the US banking system, the group said.
“A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem,” the letter reads. “Over the past decade, many of the financial innovations Americans use today were developed with the political certainty that the United States was moving toward an open banking system.”
While banks say that open banking would add costs for them, the coalition argued that these costs — like cloud storage and technology infrastructure — are routine and expected for any modern bank around the world.
The coalition warned that weakening Rule 1033 could leave the US lagging behind other major economies such as the UK, Singapore and Brazil, where open banking frameworks are already standard.
“Strong open banking rules are what keep the US competitive,” the group wrote, urging the CFPB to finalize Rule 1033 “without capitulating to the largest banks’ attempts to tax access to Americans’ own financial data.”
Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.
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The ban is part of an effort to manage electricity demand and ensure industrial development is powered by clean electricity.
- The Canadian province of British Columbia plans to introduce a permanent ban on new cryptocurrency mining operations connecting to its electricity grid.
- The ban is part of a broader effort to manage electricity demand and ensure industrial development is powered by clean electricity, with BC Hydro no longer approving grid connections for new crypto mining operations.
- The province will also cap electricity availability for AI and data centers and introduce a competitive allocation process in January 2026.
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