80 CEOs Appeal to Trump to Stop New Fees

Facade of the New York Stock Exchange with an American flag and Wall Street sign

Over 80 fintech and crypto CEOs are desperately appealing to President Trump to stop Wall Street banks from imposing devastating new fees that would crush American innovation and hand Big Banks total control over your financial data.

Story Highlights

Major banks led by JPMorgan plan to charge fees for third-party access to customer financial data starting September 2025
Over 80 fintech and crypto CEOs including leaders from Robinhood, Gemini, and Kraken directly appealed to President Trump for intervention
Industry warns fees will “cripple innovation” and force small businesses to shut down while enriching Wall Street giants
Trump’s CFPB already rescinded Biden-era consumer data rights, described as a “handout to Wall Street banks”

Wall Street’s Power Grab Threatens American Innovation

JPMorgan Chase has already sent pricing sheets to data aggregators, signaling the imminent implementation of account access fees that would fundamentally transform how Americans manage their finances. PNC Financial Services is evaluating similar charges, creating a domino effect that could spread across the entire banking sector. These fees target the very foundation of America’s thriving fintech and cryptocurrency ecosystem, potentially forcing innovative companies to choose between absorbing crushing costs or passing them on to consumers.

The timing reveals a coordinated assault on financial innovation. In May 2025, Trump’s Consumer Financial Protection Bureau moved to rescind the Personal Financial Data Rights rule established under Biden, which had granted Americans the right to instruct banks to share their data with third parties. The Financial Technology Association called this regulatory reversal a clear “handout to Wall Street banks,” setting the stage for the current crisis.

Industry Leaders Sound the Alarm on Competition Collapse

The unprecedented coalition includes household names that millions of Americans rely on daily: Klarna, Robinhood, Gemini, Kraken, Brex, Chime, Plaid, and Sofi. These companies collectively serve tens of millions of customers who depend on seamless access to their financial data for budgeting, investing, payments, and digital asset management. Their August 14 letter warns that the proposed fees will “cripple innovation” and “kill competition,” forcing small businesses and financial tools to shut down entirely.

The broader implications extend far beyond individual companies. America’s leadership in digital finance, artificial intelligence, and cryptocurrency innovation hangs in the balance. Industry leaders argue these anti-competitive practices could force fintech and crypto innovation offshore, surrendering America’s technological advantage to foreign competitors who maintain more open banking environments.

Consumer Choice Under Attack

Behind the corporate battle lies a fundamental threat to consumer empowerment and choice. Millions of Americans have embraced third-party financial apps that help them budget, invest, and manage money more effectively than traditional bank offerings. The proposed fees would create artificial barriers between consumers and the innovative tools they prefer, effectively forcing them back into the limited options provided by major banks.

MUST READ: Crypto, Fintech Urge Trump to Stop Bank Data Access Fees https://t.co/9sNCuoGpC8 via @BreitbartNews @SeanMoran3 pic.twitter.com/UKD59wpC5A

— Steve Guest (@SteveGuest) August 14, 2025

The September 2025 implementation deadline creates urgency for presidential intervention. Without action, American consumers face reduced financial options, higher costs, and diminished control over their own data. This represents exactly the kind of corporate consolidation and consumer harm that free-market conservatives have long opposed, making Trump’s response a critical test of his administration’s commitment to genuine competition over crony capitalism.