U.S. Crypto Alliance Fights Banks’ Proposed Data Fees to CFPB

A group of U.S. cryptocurrency organizations is challenging big banks’ proposals for data access fees, arguing they threaten the financial innovation and accessibility of DeFi applications. The U.S. Cryptocurrency Industry Alliance (USCIA) has voiced their opposition in a letter sent to the Consumer Financial Protection Bureau (CFPB). The alliance contends these fees could stifle the growth of decentralized finance (DeFi) platforms, impacting U.S. crypto market operations, and potentially hindering competition within the financial services landscape.