The post Lummis urges CFPB to secure crypto access appeared on BitcoinEthereumNews.com. On Oct 22, 2025 Senator Cynthia Lummis urged the CFPB to finalize an open banking rule to protect consumer account connectivity for crypto platforms and ensure data portability. What did Senator Cynthia Lummis ask regarding the cfpb open banking rule? In a letter to Acting CFPB Director Russ Vought, dated Oct 22, 2024, Senator Cynthia Lummis urged the agency to move from proposal to final rulemaking. She wrote stakeholders need clarity so exchanges and payment apps can reliably connect customer bank accounts. Lummis warned banks have “weaponized” account access and asked the CFPB to act “as soon as possible.” Reuters How will open banking apis connect bank accounts to crypto exchanges? Proponents say open banking APIs would standardise data formats and authentication, lowering integration friction for fiat-to-crypto conversions. Implementation typically leans on OAuth-style flows and REST APIs, though technical standards will depend on the CFPB’s final text. Precise mandates and timelines remain subject to the agency’s rulemaking and stakeholder comments. What does consumer financial data sharing mean for users? Consumer financial data sharing means consumers can authorise third parties to access their banking data for services such as payments, budgeting and crypto deposits. Advocates say this boosts competition and innovation; critics point to fraud and liability risks tied to third-party access. For background, see our open banking explainer and coverage of fiat-to-crypto conversions. What legal and regulatory steps have shaped the debate? The rule was finalised on Oct 22, 2024 and immediately drew legal challenge from the Bank Policy Institute and the Kentucky Bankers Association; a federal judge paused related litigation in July under Section 1033 of the Dodd‑Frank Act to allow CFPB reconsideration. Industry coalitions, including the Blockchain Association, have urged the agency to confirm that Americans own their financial data. See CFPB materials for the agency’s framing of… The post Lummis urges CFPB to secure crypto access appeared on BitcoinEthereumNews.com. On Oct 22, 2025 Senator Cynthia Lummis urged the CFPB to finalize an open banking rule to protect consumer account connectivity for crypto platforms and ensure data portability. What did Senator Cynthia Lummis ask regarding the cfpb open banking rule? In a letter to Acting CFPB Director Russ Vought, dated Oct 22, 2024, Senator Cynthia Lummis urged the agency to move from proposal to final rulemaking. She wrote stakeholders need clarity so exchanges and payment apps can reliably connect customer bank accounts. Lummis warned banks have “weaponized” account access and asked the CFPB to act “as soon as possible.” Reuters How will open banking apis connect bank accounts to crypto exchanges? Proponents say open banking APIs would standardise data formats and authentication, lowering integration friction for fiat-to-crypto conversions. Implementation typically leans on OAuth-style flows and REST APIs, though technical standards will depend on the CFPB’s final text. Precise mandates and timelines remain subject to the agency’s rulemaking and stakeholder comments. What does consumer financial data sharing mean for users? Consumer financial data sharing means consumers can authorise third parties to access their banking data for services such as payments, budgeting and crypto deposits. Advocates say this boosts competition and innovation; critics point to fraud and liability risks tied to third-party access. For background, see our open banking explainer and coverage of fiat-to-crypto conversions. What legal and regulatory steps have shaped the debate? The rule was finalised on Oct 22, 2024 and immediately drew legal challenge from the Bank Policy Institute and the Kentucky Bankers Association; a federal judge paused related litigation in July under Section 1033 of the Dodd‑Frank Act to allow CFPB reconsideration. Industry coalitions, including the Blockchain Association, have urged the agency to confirm that Americans own their financial data. See CFPB materials for the agency’s framing of…

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more