In a significant move for financial technology and digital assets, a coalition of leading crypto, fintech, and retail trade organizations has reached out to President Trump with an urgent appeal. Their collective voice emphasizes the critical need to preserve the open banking system that serves as the foundation for modern financial innovation.
The groups, including the Financial Technology Association and Blockchain Association, expressed deep concerns in their July 23 letter about potential legal challenges from large banking institutions. They warn that such actions could jeopardize consumers' data rights and create barriers to financial innovation that benefits millions of Americans.
As detailed in their joint appeal to the White House, the organizations highlighted how maintaining open banking principles is essential for competition and consumer choice in financial services. The letter outlines specific risks posed by potential restrictions, including limited access to financial data and reduced opportunities for fintech startups.
This collaborative effort represents growing recognition across industries that the future of finance depends on balanced policies that protect both consumer interests and the innovative potential of emerging technologies. The outcome of this appeal could shape the financial landscape for years to come.