U.S. Crypto Industry Sends Letter to Trump…"JP Morgan is Hindering Innovation"

JOON HYOUNG LEE

Summary

It has been confirmed that ten major organizations, including the Blockchain Association in the U.S., sent a letter to President Donald Trump, saying JPMorgan’s fee policy hinders financial innovation.
JPMorgan announced that it will charge fees when fintech and crypto companies access financial data, and this may partially be passed onto consumers.
The industry stated that the fee policy goes against President Trump's vision to make the U.S. the global center of financial innovation, and has asked for action to be taken by the 29th of this month.

The U.S. crypto industry has sent a letter to President Donald Trump, urging him to stop "large banks from hindering innovation."

According to CoinDesk on the 24th (local time), ten leading organizations in the U.S. fintech and cryptocurrency sectors, including the Blockchain Association and the Chamber of Digital Commerce (CCI), sent a letter to President Trump the previous day (23rd). The core content of the letter was to point out the global investment bank (IB) JPMorgan's policy of charging fees for access to bank data.

Previously, JPMorgan announced last month that it would impose fees when fintech and crypto firms access financial data such as customer information. Fortune, a U.S. magazine, reported, "Data intermediaries are expected to pass the new fees onto fintech companies," adding, "Some of these fees may also be passed on to consumers."

The U.S. crypto industry believes JPMorgan's actions could stifle financial innovation. In the letter, the industry stated, "Financial data is owned by the American people, not by banks," and added, "JPMorgan's fees directly contradict President Trump's vision to make the U.S. the global hub of financial innovation."

The industry asked President Trump to take action against JPMorgan by the 29th of this month. Arjun Sethi, Co-CEO of the U.S.-based crypto exchange Kraken, described JPMorgan’s fee policy as a "calculated shift," stating it "turns user-generated data into a kind of 'toll.'"

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