Public Policy Solutions Co-Founder and Principal John Czwartacki warns in his op-ed, “Big Banks Have Trump’s Vision for Crypto in the Crosshairs,” that eliminating a key open-banking rule would undermine competition, consumer choice, and President Donald Trump’s goal of making America the crypto capital of the world.
In his op-ed, John argues:
Rule 1033 gives consumers the right to access their financial data and share it with the financial platforms they choose. That freedom is essential to open banking and allows fintech and cryptocurrency companies to compete with established financial institutions.
Rolling back the rule would give large banks greater control over how Americans access and move their own financial information. Banks could restrict connections, slow transactions, or create other barriers between consumers and competing financial
services.
That would be a major setback for cryptocurrency innovation. Most crypto platforms still rely on traditional banks to transfer money into and out of their systems. Without open-banking protections, the institutions most threatened by crypto competition could gain more power over the industry’s access to customers.
Rule 1033 is not another layer of unnecessary regulation. It supports the free market by preventing dominant financial institutions from using their position to shut out competitors and trap consumers inside closed systems.
President Trump has made American leadership in cryptocurrency and financial technology a central part of his economic agenda. Abandoning open banking would work against that goal while handing an advantage to legacy banks and foreign competitors.
Preserving Rule 1033 is the pro-consumer, pro-competition, and pro-crypto path forward.