Community bank leaders are urging U.S. senators to address stablecoin loopholes that could divert up to $6.6 trillion from traditional deposits, threatening local lending. JPMorgan, however, sees stablecoins as a complementary financial tool rather than a systemic risk.

A coalition of ten major fintech and crypto trade groups is urging President Trump to intervene against JPMorgan's proposed fees for accessing consumer banking data, which they argue could stifle innovation and de-bank millions of Americans. The letter emphasizes that financial data should belong to consumers and warns that such fees threaten the adoption of stablecoins and self-custody wallets. The situation is complicated by ongoing legal battles over the Consumer Financial Protection Bureau’s open banking rule, which mandates free access to consumer data.