A major fight is unfolding in Washington over who controls your bank data.
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On Wednesday, ten of the most influential crypto and fintech trade groups sent a letter to President Trump urging him to stop JPMorgan (JPM) from charging what they call a “punitive tax” on data access. The letter warns that the move could block millions of Americans from using self-custody wallets, fund transfers, and stablecoins like USDC (USDC-USD) and USDT (USDT-USD).
The groups include the Blockchain Association, the Crypto Council for Innovation, and other digital finance advocates. Together, they are calling on the White House to take action before July 29, when the administration must respond in court over a legal battle involving the Consumer Financial Protection Bureau’s open banking rule.
JPMorgan’s Fee Plan Sparks Backlash
The core issue revolves around how consumers move money from their bank accounts to digital wallets and crypto exchanges like Coinbase (COIN) and Kraken. That process relies on data aggregators such as Plaid and MX, which connect directly to banks on behalf of the user. Until now, that access has been free.
JPMorgan, the largest U.S. bank by assets, has now told aggregators they will have to start paying for that access. According to industry estimates, Plaid alone could face charges of $300 million per year, more than 75% of its revenue.
That triggered a strong reaction from the crypto sector.
“Let us be clear: financial data belongs to the American people, not the banks,” the coalition wrote. “By challenging open banking, the largest banks stand in direct opposition to your vision of making America the financial innovation capital of the world.”
The letter warns that these charges could severely restrict consumer choice and damage the growth of crypto infrastructure by making it harder to fund wallets and manage decentralized assets.
Open Banking vs. Gatekeeping
At the heart of this issue is CFPB Rule 1033, finalized in late 2024. It requires banks to give consumers free access to their account data and allow them to share it with third-party apps. The rule was designed to level the playing field between big banks and tech-forward finance platforms.
But banks sued to block the rule the moment it was finalized, and the CFPB has since asked a federal court to vacate it altogether.
This request, paired with JPMorgan’s new fee plan, has fueled suspicions that Wall Street is trying to shut down open banking in favor of a closed, controlled financial architecture. Crypto advocates say this could make wallets more expensive, limit access to DeFi, and set back stablecoin adoption just as interest is growing.
Kraken co-CEO Arjun Sethi called JPMorgan’s move a “calculated shift” in a post on X. “There is a version of the future where every financial interaction is intermediated by systems that monitor, price, and gate access to your own data,” he wrote. “Crypto presents an alternative. But that alternative is not guaranteed.”
Industry Rallies for a Deadline
The crypto and fintech groups are demanding that the White House take a stand by July 29, when a key legal brief is due in the CFPB court battle. Without government action, the industry warns that a basic financial right is at risk. The ability for Americans to access and control their own banking data could soon become something they have to pay for.
At a time when stablecoins are scaling, self-custody tools are improving, and U.S. crypto infrastructure is strengthening, the industry says this is not the moment to let old institutions reassert control.
The letter closes with a clear message: America’s financial future can either be open or locked behind a paywall. President Trump’s decision could decide which path the industry takes.
Is JPMorgan Stock a Good Buy?
Despite the backlash, Wall Street still leans cautiously optimistic on JPMorgan stock. Based on input from 18 analysts, the stock currently has a “Moderate Buy” consensus rating.
Of those 18, 11 say Buy, five recommend Hold, and two say Sell. The average 12-month JPM price target is $304.27, just slightly above the current price of $296.76, suggesting a 2.53% upside.
