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Senator Lummis Advocates for Open Banking Regulations to Support Cryptocurrency Apps

2025/10/23 18:03 (Updated 2025/10/24 06:01)
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Written by A.Yamada
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Senator Lummis Advocates for Open Banking Regulations to Support Cryptocurrency Apps

Regulations Connecting Bank Accounts and Apps

On the 21st, US Senator Cynthia Lummis (Republican) submitted a letter to the Consumer Financial Protection Bureau (CFPB), advocating for the establishment of open banking regulations. These regulations would allow consumers to share their financial data with third-party apps via APIs. APIs are expected to become a crucial infrastructure for connecting bank accounts with cryptocurrency exchanges. For instance, this would enable immediate deposits from bank accounts into apps such as cryptocurrency exchanges and wallets.

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