Fintech, crypto executives urge Trump to block data access fees, Bloomberg says

Top fintech and crypto executives are urging the Trump administration to block U.S. banks from charging fees for access to customer data, arguing that the proposed fees would “cripple” innovation and “may cause small businesses and financial tools to shut down entirely,” Bloomberg’s Paige Smith reports. Klarna (KLAR), Robinhood (HOOD), and Gemini are among a list of companies, investors, and lobbying groups that signed a letter to President Trump arguing against the fees. “We urge you to use the full power of your office and the broader administration to prevent the largest institutions from raising new barriers to financial freedom,” they said in the letter. “We cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system.” JPMorgan (JPM) and PNC (PNC) plan to charge fees for access to customer account information, viewing data aggregators as freeloaders who access data without paying.