Senator Cynthia Lummis pressed the Consumer Financial Protection Bureau to finish the Open Banking rule, arguing it would let consumers link bank accounts to crypto exchanges safely. She says the rule would stop big banks from shutting out crypto firms and their customers, addressing what she calls arbitrary blockades that stifle innovation.
Lummis, who chairs the Senate digital assets subcommittee, framed the rule as a consumer data rights measure and a way to keep financial technology leadership in the United States. Her directive to the bureau was unambiguous: “Finish the rule fast.”
The draft would require banks to use APIs—standard interfaces that grant secure third-party access to account data without passwords. Lummis wrote that until this standard exists, “safe links between bank accounts as well as crypto exchanges cannot exist,” underscoring the need for a clear technical baseline.
What the rule does and Lummis’s case
The rule would also bar banks from blocking access based on a firm’s politics or business model. Lummis pointed to public remarks by the head of JPMorgan as evidence that some banks fight crypto growth, asserting that “Americans, not big banks, own their financial data.”
Lummis blamed large banks for using control over access to cut off crypto platforms and other companies, contending that these moves curb competition, drive ideas and money away from the United States, and weaken the nation’s lead in financial technology. As chair of the digital assets subcommittee, she wrote to the bureau to push both the policy and its timeline.
For crypto traders and project treasurers, the rule could reduce hurdles when opening accounts and lower the risk of sudden bank cutoffs. Exchanges would match fiat and crypto balances faster and more smoothly, while every transfer would create a clearer trail that could bring extra reporting and security duties on the APIs.
Risks remain, including potential bank lawsuits and heavier tech and compliance loads for fintechs and exchanges. Clearer flow records could trigger stricter reporting rules, even as the overall system becomes more predictable and interoperable.
Lummis’s letter gives the CFPB a political push and a technical timetable. The bureau’s next move is to answer the letter and release any schedule for final publication. Lummis also backs tax bills and other plans to weave digital assets into national finance policy.
If finalized quickly, the Open Banking rule could standardize safe bank-to-crypto connectivity while checking arbitrary access restrictions. Its success will depend on regulatory follow-through, industry compliance, and how courts and incumbents respond.
