The Game Between Financial Giants and Emerging Platforms: The Struggle for Data Access Rights

The dispute between traditional financial giants and emerging platforms is once again playing out, with the main characters being two major industry giants in the United States — one side is a large bank known as the "investment banking leader"; the other side is a well-known cryptocurrency trading platform. Recently, the co-founder of this crypto platform published an article accusing the bank of refusing to provide data services, attempting to engage in unfair competition and suppress financial technology companies. This incident has attracted widespread attention in the industry, with many linking it to previous regulatory actions affecting cryptocurrency companies.

Data access has become a competitive focus

As the intersection of traditional finance and the cryptocurrency industry, user data has always been a top priority for both parties' businesses. Complete KYC information helps assess users' risk preferences, asset size, and security levels, thus creating a clearer user profile that facilitates the platform's business operations.

The focus of this dispute is the access rights to bank data. Just as some social platforms use API interfaces as a source of income, "data business" has long been a part of the platform economy with ambiguous ownership. After the founders of the crypto platform criticized banks for depriving them of their right to access bank data for free through third parties, the counterpart, as a top bank in the United States, became less courteous and directly issued a "termination of cooperation" notice to the platform.

This move is seen as a unilateral pressure from traditional financial giants on emerging platforms, reminiscent of previous instances where some banks refused to provide financial services to certain cryptocurrency companies and startup tech firms.

Review of Past Financial Regulatory Actions

In 2023, several crypto-friendly banks closed one after another due to the influence of the market environment and their own operational issues. Industry insiders pointed out that this may be related to government pressure on banks. Subsequently, a series of financial regulatory actions targeting crypto companies gradually came to light.

A well-known venture capital founder once revealed on a podcast that over 30 tech company founders had their bank accounts closed in the past few years. Another founder of a crypto project also stated that although specific actions have not been confirmed, participants in the crypto industry do face numerous challenges in accessing banking services.

These "denial of service" actions often have no clear reason, but the consequences are very serious. Affected businesses may be unable to open bank accounts, face limitations on fund transfers, and even confront existential crises. In the modern financial system, businesses and individuals find it difficult to bypass the banking industry, and this financial hegemony leaves many feeling powerless.

It is worth mentioning that these regulatory actions have also triggered some political reactions. Some believe that it is this excessive regulation that has led some to support certain political figures in the hope of ending the crackdown on the cryptocurrency industry.

Legal Disputes over Data Access Rights

Another focal point of this dispute is the Consumer Financial Protection Act. In 2024, the U.S. Consumer Financial Protection Bureau released the final rule on Personal Financial Data Rights, requiring financial institutions to unlock personal financial data at the request of consumers and transfer it to other service providers for free. The rule aims to promote competition and consumer choice, reducing the cost of financial services.

However, some banks seem to be looking for ways to circumvent this regulation. Reports indicate that certain banks are considering charging for data access, raising questions about legal compliance.

Meanwhile, the banking industry is also actively lobbying regulators. Recently, the American Bankers Association and other industry organizations jointly requested a suspension of the review of certain cryptocurrency companies' bank license applications, arguing that these applications lack transparency and may pose legal risks to the banking system.

Intensified Competition, Future Trends Attract Attention

Regardless of how the dispute over data access rights ultimately unfolds, it is certain that the competition between traditional banking and emerging financial platforms has moved from behind the scenes to the forefront. As relevant legislation advances, the competition between the two sides in areas such as cross-border payments and daily financial services is bound to become more intense.

In the future, will traditional banks continue to dominate the financial landscape, or can emerging platforms challenge the existing order? The answer to this question may take longer to reveal. In any case, this game will profoundly affect the future direction of the financial industry.