- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
Earn- More
Crypto Industry Calls on Trump to Block JPMorgan's 「Punitive Tax」 on Data Access
BlockBeats News, July 24th, according to CoinDesk's report, ten financial technology and cryptocurrency trade associations such as the Blockchain Association and the Crypto Council for Innovation have urged President Trump to stop big banks from levying fees that could hinder innovation and competition. These organizations warned that JPMorgan's plan to charge fees for accessing consumer banking data could lead to millions of Americans losing their bank accounts and could potentially hinder the adoption of stablecoins (USDC, USDT) and self-hosted wallets.
The CFPB's open banking rule allows consumers to freely access bank data, but this rule is under threat as banks have sued to block the rule, and the CFPB has requested to rescind the rule. At the heart of this dispute is how Americans fund digital wallets and exchanges. Aggregators like Plaid and MX allow consumers to move funds from bank accounts to platforms like Coinbase or Kraken. These connections rely on direct access to user-authorized data.
So far, banks have allowed this access for free. However, JPMorgan has started notifying aggregators that they will need to pay for this—reportedly, for Plaid alone, the annual fee can be as high as $300 million, representing over 75% of the company's revenue. These organizations are urging the White House to take action by July 29th, when the government will submit a legal brief in the court battle over the Consumer Financial Protection Bureau's open banking rule.
You may also like
What Happened in Crypto Today? Solana-Native Rails Launch on Digitap ($TAP) as the Best Crypto to Buy
Key Takeaways Digitap ($TAP) spearheads the transition toward real-world utility in cryptocurrency, offering a seamless financial ecosystem through…
Here’s Why Fed Contender Kevin Warsh is Seen as Bearish for Bitcoin
Key Takeaways Kevin Warsh is a potential nominee for the U.S. Federal Reserve chair, causing concerns due to…
XRP Breaks Below Its 1-Year Support Range: What’s Next?
Key Takeaways XRP has slipped below its critical support range of $1.8 to $2.1, which had been steadfast…
XRP Price Breakdown Intensifies — Can Support Mitigate the Shock?
Key Takeaways XRP has dipped below the significant $1.80 mark, continuing its downtrend. The asset is trading beneath…
XRP Risk-Adjusted Returns Suggest a Period of Consolidation – Insights and Analysis
Key Takeaways: XRP’s recent price fluctuations highlight a lack of strong market momentum for a trend reversal. The…
Kevin Warsh Associated with Crypto Project Basis and Electric Capital
Key Takeaways Kevin Warsh, former U.S. Federal Reserve Board Governor, is associated with crypto initiatives Basis and Electric…
Why is Trump’s Fed Chair Pick Kevin Warsh Seen as Bad News for Precious Metals, Commodities, Bitcoin, and Equities?
Key Takeaways: Kevin Warsh, once appointed, is expected to take a more hawkish stance on monetary policy, which…
Who Is Kevin Warsh? How His Fed Chair Odds Are Influencing Bitcoin Markets
Key Takeaways Kevin Warsh, a former Federal Reserve governor, is becoming a strong candidate for the next Fed…
Strategy (MSTR) Stock: Michael Saylor’s Bitcoin Bet Goes Red But Here’s The Twist
Key Takeaways Strategy’s Bitcoin investment has dipped below its average purchase price, highlighting market volatility. No immediate financial…
Gov-Backed Asset or Solana Meme? Uncovering the Reality Behind the USOR Crypto Frenzy
Key Takeaways USOR, a Solana token, sparked a debate over its legitimacy by claiming associations with U.S. strategic…
Bitcoin Hashrate Falls 12% After US Winter Storms Hit Miners
Key Takeaways: The total network hashrate for Bitcoin has declined by approximately 12% since November 11, marking the…
Gold’s Six-Month Rally Against Bitcoin Shows Parallels to 2019 Cycle
Key Takeaways Gold has consistently outperformed bitcoin over the last six months, despite being typically considered the haven…
Untitled
I’m sorry, but without content to rewrite, I’m unable to produce an article within the specified word count…
Mantle’s Cross-Chain Era on Solana: Onboarding the Bybit Express to Mantle Super Portal
Key Takeaways Bybit joins forces with Mantle to enhance cross-chain asset flows through the Mantle Super Portal. Mantle…
XRP Price Outlook for 2026: Is Bitcoin Hyper Part of Long Term Themes?
Key Takeaways The potential future of XRP in 2026 is significant, with various factors influencing its growth and…
Bitcoin Price Prediction: BTC Slips to $78K as Gold and Silver Plummet – Is the Downtrend Settling?
Key Takeaways Bitcoin and traditional safe havens like gold and silver experience synchronized declines in a volatile market…
$30 Million Heist: Step Finance Treasury Wallets Breached
Key Takeaways Step Finance, a prominent Solana-based DeFi platform, faced a significant security breach, losing approximately $30 million…
Bitcoin Price Prediction: $50B Volume Drops 40% as BTC Tests $83K – Is a Breakdown Next?
Key Takeaways: Bitcoin’s trading volume has seen a significant decline, indicating cautious trader behavior. Bitcoin prices remain under…
What Happened in Crypto Today? Solana-Native Rails Launch on Digitap ($TAP) as the Best Crypto to Buy
Key Takeaways Digitap ($TAP) spearheads the transition toward real-world utility in cryptocurrency, offering a seamless financial ecosystem through…
Here’s Why Fed Contender Kevin Warsh is Seen as Bearish for Bitcoin
Key Takeaways Kevin Warsh is a potential nominee for the U.S. Federal Reserve chair, causing concerns due to…
XRP Breaks Below Its 1-Year Support Range: What’s Next?
Key Takeaways XRP has slipped below its critical support range of $1.8 to $2.1, which had been steadfast…
XRP Price Breakdown Intensifies — Can Support Mitigate the Shock?
Key Takeaways XRP has dipped below the significant $1.80 mark, continuing its downtrend. The asset is trading beneath…
XRP Risk-Adjusted Returns Suggest a Period of Consolidation – Insights and Analysis
Key Takeaways: XRP’s recent price fluctuations highlight a lack of strong market momentum for a trend reversal. The…
Kevin Warsh Associated with Crypto Project Basis and Electric Capital
Key Takeaways Kevin Warsh, former U.S. Federal Reserve Board Governor, is associated with crypto initiatives Basis and Electric…
App