Recently, leading companies in the fintech and Crypto Assets sectors launched a striking initiative. They jointly sent a letter to Trump, strongly urging the government to take action to prevent the U.S. banking industry from charging fees for customer data access. This call highlights the profound impact that data access fees could have on financial innovation.

Companies signing include payment giant Klarna, stock trading platform Robinhood, and well-known Crypto Assets exchange Gemini, among others. These companies believe that allowing banks to charge data access fees would severely hinder the innovation pace of the fintech industry. They warn that this practice would not only undermine the spirit of innovation but could also lead to many small and medium-sized fintech companies struggling to survive and ultimately being forced to exit the market.

This open letter expresses the strong demand of the fintech industry for open data and a fair competitive environment. It highlights the importance of data access in the current financial ecosystem and how fintech companies rely on this data to develop innovative products and services.

This move also reflects the increasingly tense relationship between financial technology and traditional banking. As fintech companies continue to challenge the market position of traditional banks, the differences between the two sides in terms of data sharing, customer service, and regulation have become more pronounced.

The core issue of this controversy is not only related to commercial interests but also involves the future development direction of financial services. Supporters believe that an open data environment is conducive to promoting competition, and ultimately, the beneficiaries will be the vast number of consumers. On the other hand, opponents worry that unrestricted data access may pose security risks and affect the normal operations of banks.

With the publication of this letter, the industry generally hopes that the government can formulate policies that are conducive to the long-term development of the industry based on a balance of interests. Regardless of the final outcome, this action will undoubtedly become an important milestone in the development of financial technology.