The ability of Americans to access and use the financial tools of their choice is under threat. In a coordinated campaign, the nation’s largest banks are working to shut out fintech and digital asset competition in an attempt to reassert control over how Americans access their own money. The new playbook: price-gating access to a consumer’s personal data and online financial tools, will ultimately limit consumer choice and promote debanking. This isn’t about protecting security — it’s about protecting profits and chilling competition and innovation.
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