A coalition of fintech, crypto, and retail trade organizations — including the Blockchain Association and the Crypto Council for Innovation — has urged the U.S. Consumer Financial Protection Bureau (CFPB) to finalize a strong open banking rule that puts control of financial data squarely in the hands of consumers rather than large banks.
The appeal, made through a joint letter to the agency, calls for decisive action on the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act, which defines how Americans can share their financial information with third-party providers. The coalition argues that this rule is central to promoting innovation, transparency, and competition across the financial ecosystem, including emerging digital asset markets.
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ToggleEmpowering Consumers, Limiting Bank Control
The organizations behind the letter stress that consumers — not banks — should own and control their financial data. They contend that giving consumers full authority to grant access to their information will foster a more competitive financial landscape, allowing fintechs and blockchain-based services to offer smarter, more inclusive products.
“A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem,” the coalition stated. “This is about ensuring that American families — not the nation’s biggest banks — make the financial decisions that work best for them.”
The proposal reflects growing momentum for open banking in the U.S., aligning with similar regulatory developments in regions like the United Kingdom and the European Union, where data portability has become a key component of financial innovation.
Protecting Innovation Through Fee Bans
A major point of emphasis in the coalition’s letter is the need to maintain the ban on data access fees — charges that some financial institutions have lobbied to impose on third parties seeking to connect to their systems.
According to the groups, allowing such fees would create an uneven playing field, stifle competition, and increase costs for both developers and end users. They argue that the existing prohibition on these fees is already established under U.S. law and must remain in place to safeguard innovation.
“Access fees would effectively tax innovation,” the letter noted. “Maintaining the current ban ensures that startups and technology companies can continue building services that empower consumers rather than entrench incumbents.”
Implications for Crypto and Digital Assets
While the debate around open banking primarily centers on traditional finance, the coalition points out that the rule could have a direct impact on cryptocurrency adoption and utility. Improved data-sharing frameworks could enhance wallet integrations, liquidity, and trading access — ultimately benefiting holders of digital assets such as Shiba Inu (SHIB) and other tokens.
By creating standardized pathways for secure data sharing, the open banking rule could also make it easier for consumers to move funds between bank accounts, fintech apps, and crypto platforms — bridging the gap between traditional and decentralized finance (DeFi).
For crypto companies, the regulation could pave the way for smoother compliance and greater market access, while giving users stronger guarantees around privacy and data protection.
A Call for Financial Freedom and Fair Competition
The coalition’s message to regulators carries a broader philosophical tone — one rooted in the idea of financial freedom and consumer empowerment. It argues that ownership of financial data is a matter of personal sovereignty, not institutional privilege.
“Americans have a fundamental right to financial freedom,” the letter stated. “This rulemaking presents an opportunity to empower consumers, protect fair market competition, and secure America’s financial future.”
Industry leaders believe that strong open banking regulations could redefine how consumers interact with money — giving them control, flexibility, and choice across both traditional and digital financial systems.
As the CFPB reviews the proposal, stakeholders across the fintech and crypto sectors are watching closely. The final rule could set the tone for how the U.S. approaches financial interoperability — a concept that not only governs how banks and fintechs share data, but also how blockchain-based services connect with the broader financial world.
If implemented as proposed, the open banking rule could mark a turning point for digital finance in America — one where transparency, accessibility, and innovation replace legacy control.