The Winklevoss twins have published a comment letter in support of the U.S. Consumer Financial Protection Bureau's proposed Open Banking Rule.
"The Open Banking Rule promotes individual freedom, fosters competition and innovation, and helps prevent criminal activity. It should be preserved," they stressed.
Why OBR matters
In their letter, the twins claim that protecting the OBR is the right thing to do.
"The Open Banking Rule protects every individual's right to own, access, and control their banking and financial data. Ensuring that every American can do so without limitation or interference from a bank is critical to guaranteeing their financial sovereignty," they said.
They have noted that millions of Americans participate in the modern financial system through non-bank companies like Gemini on top of traditional financial institutions.
They have stressed that the Open Banking Rule is "good economic policy."
"New entrants are given the opportunity to build their businesses. Incumbents are pushed to innovate and compete with new competitors," she said.
On top of that, it will ensure more robust fraud prevention with the help of open banking apps of the likes of Plaid.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team