Coalition of Fintech, Crypto Groups Urge CFPB to Implement Strong Open Banking Rule
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On Tuesday, October 21, 2025, a coalition of fintech, crypto, and retail trade organizations, including the Blockchain Association and the Crypto Council for Innovation, wrote a letter to the US Consumer Financial Protection Bureau (CFPB), calling on the body to finalize a strong open banking rule.
The rule, if implemented, would take ownership and control of financial data off the hands of banks, ensuring that consumers, not banks, control their financial data.
The coalition issued this letter in response to the US CFPB’s review of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule determines how consumers can share their financial information with third-party financial services providers like banks.
From the letter, it is evident that the group strongly supports clear consumer data rights. The letter urged the CFPB to finalize an open banking rule that ensures that consumers, and not banks, retain ownership of their own financial data.
According to the letter,
“A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem.”
The group further urged the US CFPB to maintain the existing ban on data access fees, claiming that these fees would cripple a free and competitive market.
The group emphasized that the ban is already well-established under existing law and maintaining it would protect competition, innovation, and fair market practices.
According to the letter,
“Americans have a fundamental right to financial freedom. That means American families, not the nation’s biggest banks, should make the financial decisions that work best for them. This rulemaking presents an opportunity to empower consumers, protect fair market competition, and secure America’s financial future.”
How Open Banking Rule Could Shape the Crypto Industry
The open banking rule introduces regulatory changes in access to financial data, which could directly impact crypto investors. Notable changes are easier data portability and enhanced data transparency between banks, crypto exchanges, and payment apps.
Easier data portability could lead to streamlined trading access and improved wallet integrations, enabling crypto traders/investors to move their assets and verify transactions more efficiently.
Enhanced data transparency could boost liquidity across crypto exchanges, making it easier to buy, sell, and use cryptocurrencies within the broader crypto market.
On the other hand, overly restrictive data-sharing rules could limit third-party access to banking APIs, complicate fiat on-ramps, and slow adoption.
For the crypto industry, the finalized open banking rules will determine whether the crypto ecosystem becomes more accessible and interoperable or increasingly isolated from traditional finance (TradFi).
