Trump, Banks, and Crypto: A Financial Soap Opera That Even Your Grandma Would Watch!

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Picture this: a motley crew of crypto enthusiasts, fintech fanatics, and a few restaurant owners, all drafting a heartfelt letter to President Donald Trump. It’s like a scene out of a sitcom called “Desperate Times, Desperate Measures.” This coalition of trade groups is practically begging Trump to defend open banking rules—because nothing says “freedom” like a bunch of finance nerds trying to outwit the nation’s largest banks. 🍔💰

On July 23, our letter-writing brigade, which includes the Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association, cried foul. They’re accusing the big bad banks of undermining innovation with lawsuits and “stunning” new data fees. Who knew that blocking technological advancements could be a favored pastime for JP Morgan and friends?

Remember that juicy tidbit from Bloomberg on July 11? Apparently, JPMorgan is trying to charge fintech firms for the privilege of accessing their customers’ bank account data. I mean, come on! The fees fluctuate according to how the data is “used”—so if you’re using your banking data to save money, be prepared for a premium, folks!

“Let us be clear: financial data belongs to the American people, not the banks,” they wrote, in a letter that I can only assume they delivered via carrier pigeon. They’re claiming this right to data sharing is akin to American values—because nothing screams liberty like random strangers accessing sensitive information with a click of a button! 🗽📊

They urged the Trump administration to file a legal brief faster than my Aunt Edna can set her bingo card—by July 29, no less. The stakes are high; the outcome could dictate how seamlessly Americans connect their bank accounts to crypto exchanges, stablecoin wallets, and payment apps. Because obviously, our lives were too simple until now!

Understanding open banking

Open banking is like inviting third-party apps into your financial life with the promise of secure data sharing. Who doesn’t love a good API, right? Proposed in 2022 during Trump’s first term, the open banking rule—yes, finally greenlit on October 22, 2024—has been marketed as a revolutionary step for personal liberty! I can just see the fireworks now! 🎆

According to the letter’s grandiose claims, this rule establishes “commonsense standards.” Because you know, nothing in finance is ever commonsensical. On the same day this rule rolled out the red carpet, the Bank Policy Institute, representing the dinosaur banks of America, rushed to sue. Their argument? “But we’re scared!” All while being oh-so-cozy with their billion-dollar mansions.

Open banking is strutting its stuff in other countries like the UK and Brazil already, showing America how it’s done. Maybe we’ll learn how to share after all! 🤝

Big banks push into crypto while fighting open banking

Meanwhile, while they challenge open banking in courts, US banks are cuddling up with digital assets like it’s Valentine’s Day. Remember when Mastercard and ten central US banks, including Wells Fargo, decided to test tokenized bank deposits in May 2024? Oh yes, they did! 💌

Then there’s JPMorgan, who on July 15 filed for “JPMD,” a fancy blockchain-based stablecoin. They are now offering services from digital trading to clearing—essentially telling the world, “Look at us! We’re hip and we do crypto!”

Pro-crypto President put to the test

Just when you thought it couldn’t get wackier, President Trump has jumped on the crypto bandwagon, waving the flag like a true enthusiast. On July 18, when he signed the GENIUS Act, he proclaimed, “I pledged that we would bring back American liberty… ”—as if we could’ve ever lost it in the first place! 📈💡

So here we are, in a world where banks are pulling the brakes on innovation with one hand and shaking hands with tech giants with the other. Welcome to the financial circus that is America!

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2025-07-24 22:53