On October 21, 2025, the U.S. Cryptocurrency Industry Alliance formally opposed big banks' proposed data access fees in a letter submitted to the Consumer Financial Protection Bureau (CFPB). The alliance argues that such fees would jeopardize decentralized finance (DeFi) access and stifle innovation within the crypto sector.
This resistance is specifically aimed at protecting fintech innovation and preventing data fees from disrupting the integration of DeFi into the broader financial landscape. The potential imposition of these fees could significantly impact U.S. crypto market operations and the overall competitiveness of financial services.
Banks' Proposal and Alliance's Opposition
The U.S. Cryptocurrency Industry Alliance submitted a letter to the CFPB, expressing strong opposition to banks' proposed data access fees. The alliance contends that these fees could endanger both DeFi platforms and the ongoing innovation within the broader crypto sector.
Several prominent organizations are involved in this opposition, including the Blockchain Association and the Crypto Council for Innovation. They are urging the CFPB to maintain a competitive financial ecosystem by dismissing the banks' proposals for charging data access fees.
Impact on Fintech and the Crypto Sector
If these data fees were to be imposed, they could have a significant and detrimental effect on U.S. stablecoin and DeFi platforms. These fees have the potential to disrupt crucial data connections that exist between traditional banking systems and digital asset systems.
Such potential disruptions could directly impact stablecoin volumes and the functionality of DeFi protocols operating within the United States. This, in turn, could hinder the growth of the fintech sector and make it more challenging for new users to onboard into a sector that is already perceived as complex.
Historically, open banking models have demonstrated their ability to successfully support fintech growth in other regions, notably in the United Kingdom and the European Union, primarily through the facilitation of secure data sharing. The U.S. risks falling behind in global financial innovation if these challenges related to access fees are not adequately addressed.
U.S. stablecoins and DeFi projects are currently at risk due to these proposed fees, which could potentially lead to a diminution of the Total Value Locked (TVL) within the sector. The alliance's firm opposition to these fees underscores their commitment to ensuring that the U.S. fintech industry remains competitive and that open banking principles remain accessible to all participants.
A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem. Over the past decade, many of the financial innovations Americans use today were developed with the policy certainty that the United States was moving toward an open banking system.
— Kristin Smith, Executive Director, Blockchain Association, Coalition Letter