Key Points:* JPMorgan’s data access fees spark fintech and crypto industry outcry.
Urgent call for White House intervention over consumer data rights.
Potential threat to stablecoins, fintech innovations, and banking access.
JPMorgan’s Data Access Fees Stir Fintech and Crypto Concerns
## Fintech Groups Warn of Consumer Data Rights Violation
JPMorgan Chase plans to impose fees for accessing customer bank data, a move opposed by fintech associations that fear potential “debanking” consequences for millions of Americans. These organizations emphasized that financial data belongs to individuals rather than banks. Plaid, alongside other data aggregators, will be directly impacted, which could affect up to 8,000 financial apps.
Fintech leaders argue that these fees compromise consumer control over financial data, with American Fintech Council CEO Phil Goldfeder criticizing the added financial burdens on consumers. The associations have appealed to the White House for action by July 29 to protect consumer rights and support financial innovation.
In response, JPMorgan spokesperson Emma Eatman stated the bank’s stance on the need for a secure data system. Despite the controversy, no comments from major crypto figures or regulatory authorities have been recorded, revealing ongoing deliberation.
We’ve invested significant resources creating a valuable and secure system that protects customer data. We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe. — Emma Eatman, Spokesperson, JPMorgan Chase
JPMorgan Fees Could Affect 8,000 Financial Apps
Did you know? Open banking models, popular in the EU/UK, faced similar industry challenges, though regulatory mandates like PSD2 played a critical role in facilitating their adoption and preventing consumer backlash.
Bitcoin, currently priced at $118,720.08 with a market cap of 2.36 trillion, shows a market dominance of 61.29%. The coin has a trading volume of 72.89 billion, exhibiting a 0.45% uptick in the last 24 hours, according to CoinMarketCap.
Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 09:24 UTC on July 24, 2025. Source: CoinMarketCapCoincu research team anticipates that the fees could catalyze broader regulatory debates in the US regarding consumer data rights. Financial innovations may be hindered, impacting fintech startups and developers relying on low-cost bank integrations for crypto services, further influencing market dynamics.
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| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Ця сторінка може містити контент третіх осіб, який надається виключно в інформаційних цілях (не в якості запевнень/гарантій) і не повинен розглядатися як схвалення його поглядів компанією Gate, а також як фінансова або професійна консультація. Див. Застереження для отримання детальної інформації.
JPMorgan Chase fintech fees
Key Points:* JPMorgan’s data access fees spark fintech and crypto industry outcry.
JPMorgan Chase plans to impose fees for accessing customer bank data, a move opposed by fintech associations that fear potential “debanking” consequences for millions of Americans. These organizations emphasized that financial data belongs to individuals rather than banks. Plaid, alongside other data aggregators, will be directly impacted, which could affect up to 8,000 financial apps.
Fintech leaders argue that these fees compromise consumer control over financial data, with American Fintech Council CEO Phil Goldfeder criticizing the added financial burdens on consumers. The associations have appealed to the White House for action by July 29 to protect consumer rights and support financial innovation.
In response, JPMorgan spokesperson Emma Eatman stated the bank’s stance on the need for a secure data system. Despite the controversy, no comments from major crypto figures or regulatory authorities have been recorded, revealing ongoing deliberation.
JPMorgan Fees Could Affect 8,000 Financial Apps
Did you know? Open banking models, popular in the EU/UK, faced similar industry challenges, though regulatory mandates like PSD2 played a critical role in facilitating their adoption and preventing consumer backlash.
Bitcoin, currently priced at $118,720.08 with a market cap of 2.36 trillion, shows a market dominance of 61.29%. The coin has a trading volume of 72.89 billion, exhibiting a 0.45% uptick in the last 24 hours, according to CoinMarketCap.
| | | --- | | DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |