The crypto advocacy group calls on the Trump administration to support "open banking" regulations.

Crypto and fintech associations, including the Blockchain Association, Crypto Council for Innovation, and Financial Technology Association, have sent a letter to the Consumer Financial Protection Bureau (CFPB), urging the Trump administration to support “open banking” regulations to protect people's access to financial data.

The groups warn that ownership of personal financial data is being “attacked” as major banks seek to undermine this regulation to protect their monopoly position. The CFPB has issued regulations requiring banks and credit unions to provide data to consumers and authorized third parties, but this regulation is being challenged by the banking industry.

In the letter, the organizations assert that open banking regulations are necessary to uphold the fundamental principle that “financial data belongs to the American people, not to the big banks.”