Odaily Planet Daily reported that U.S. Senator Cynthia Lummis (R-Wyoming) wrote to Russ Vought, Acting Director of the Consumer Financial Protection Bureau (CFPB), 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 blocking public access to digital asset platforms and other financial services for political reasons.

In her letter, Lummis pointed out that large banks are abusing their position as financial gateways to restrict access to financial services for industries and individuals they disagree with, including digital asset companies, gun manufacturers, religious institutions, 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 weaken America's leadership in fintech."

The open banking framework was first proposed by the Biden administration in 2022 and finalized on October 22, 2024. It aims to allow users to securely share financial data with third-party applications through APIs, thereby connecting bank accounts with digital asset platforms. The rule is seen as an important infrastructure for promoting crypto adoption.

Lummis said, “Without open banking regulations, it is impossible to securely connect bank accounts to crypto exchanges. Especially when some bank executives, such as JPMorgan Chase CEO Jamie Dimon, are openly against digital assets, users need to be protected.”

Several crypto industry groups, including the Blockchain Association and the Crypto Council for Innovation, also sent a letter to the CFPB on the same day, calling on regulators to make it clear that "Americans own their own financial data, not big banks." (DECRYPT)