Senator Lummis urges U.S. regulators to implement open banking rules as soon as possible to prevent large banks from obstructing the public's use of cryptocurrency platforms

ChainCatcher News, U.S. Senator Cynthia Lummis (Wyoming, Republican) wrote to Acting Director of the Consumer Financial Protection Bureau (CFPB) Russ Vought, strongly supporting the implementation of Open Banking rules and urging regulators to "complete the final version as soon as possible" to prevent large banks from politically motivated blocking of public access to digital asset platforms and other financial services.

In her letter, Lummis pointed out that large banks abuse their position as financial gatekeepers, restricting access to financial services for industries and individuals they do not agree with, including digital asset companies, firearms manufacturers, religious organizations, and even the President himself. She emphasized, "We cannot allow opponents of crypto assets to rewrite the rules, stifle innovation, and drive up costs. This will only force entrepreneurs to go overseas and undermine the United States' leadership in the fintech sector."

The Open Banking framework was first proposed by the Biden administration in 2022 and is set to be finalized in 2024, aiming to allow users to securely share financial data with third-party applications via APIs, thereby connecting bank accounts with digital asset platforms. This rule is seen as an important infrastructure to promote crypto adoption.

Lummis stated, "Without Open Banking rules, it is impossible to securely connect bank accounts to crypto exchanges. Especially when some bank executives, such as JPMorgan CEO Jamie Dimon, openly oppose digital assets, users need to be protected." Several crypto industry organizations, including the Blockchain Association and the Crypto Council for Innovation, also sent letters to the CFPB on the same day, urging regulators to clarify that "Americans own their financial data, not large banks."