The U.S. encryption industry alliance sent a letter to the CFPB opposing big banks charging for data access.

robot
Abstract generation in progress

[The American Crypto Industry Alliance Sends Letter to CFPB, Opposing Big Banks Charging for Data Access] On October 21, news emerged that several American crypto institutions, fintech companies, and retail industry organizations are joining forces to defend open banking. In a joint letter, they warned that the actions of large banks attempting to charge for data access could sever the connection between the financial system and digital Wallets and stablecoins. An alliance of organizations, including the Blockchain Association, the Crypto Innovation Committee, the National Association of Convenience Stores, and the National Retail Federation, has written to the Consumer Financial Protection Bureau (CFPB) urging the regulator to retain key protective provisions in the proposed “Rule 1033.” This rule would grant consumers the right to freely share financial data with third-party service providers, enabling them to connect their bank accounts with cryptocurrency exchanges, stablecoin wallets, and other fintech platforms.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)