More than 80 crypto companies, including firms such as Gemini, Andreessen Horowitz, Paradigm, and Kraken, have addressed US President Donald Trump regarding the introduction of new bank-imposed fees for accessing consumer financial data. These fees were set to be introduced in September 2025.

In a letter dated August 14, 2025, the group argued that these fees could stifle innovation and affect consumer choice by hindering the connection between bank accounts and preferred financial products. They also contended that such restrictions would hamper advancements in key sectors including cryptocurrency, artificial intelligence, and digital wallets.

Officials noted that implementing these fees is not due to a pricing dispute but rather an anti-competitive strategy. They believe it could impede product innovation and force small businesses and financial tools out of the market entirely. Gemini representatives emphasized the importance of unrestricted access to funds and data, asserting that banks should not obstruct this process or make it difficult for consumers.

Kraken also signed a Financial Freedom letter because the implications extend beyond fintech. The company warned that proposed fees could undermine the principles of programmable money and Open Finance.

Financial institutions’ perspective

In July 2025, JP Morgan reportedly planned to impose charges on fintech companies seeking access to customer bank account data. According to sources familiar with the situation, JPMorgan Chase had already sent pricing documents to data aggregators, who facilitated communication between banks and fintechs. These new fees could vary based on usage.