Data access

Who owns your financial data: you or your bank? That question is at the heart of a debate pitting crypto platforms against some of the world's largest financial institutions.

Why it matters: The Consumer Financial Protection Bureau created a rule to ensure that consumers and authorized third parties have access to their financial data.

• But some banks, led by JPMorgan, are challenging that.

Driving the news: The Financial Technology Association and several crypto trade groups, including the Blockchain Association and the Digital Chamber, sent a letter last week urging the Trump administration to uphold consumers' data rights.

• It was sent in part as a response to JPMorgan's decision to begin charging fintech companies fees for accessing customer data.

What they're saying: "This is not a partisan issue. It's about preserving fair competition, consumer choice, and American leadership in financial innovation," the groups wrote, characterizing the bank's fees as a form of "debanking."

• "This is not a one-time policy update. It's a structural shift that reveals something fundamental about where the legacy financial system is headed," Kraken CEO Arjun Sethi said on social media.

The intrigue: Last week, Gemini co-founder Tyler Winklevoss accused JPMorgan of blocking his crypto exchange from re-onboarding customers after he criticized the bank's new data fees.

Context: The CFPB has faced ongoing tension with the Department of Government Efficiency over its regulatory authority this year.

• The agency has also rolled back several Biden-era enforcement actions.

What we're watching: The federal government faces a deadline today to file a brief in response to a lawsuit brought by banks challenging the CFPB's data access rule.

Rylan Lawler contributed reporting.