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

[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.