JPMorgan Chase is planning to charge fees on data aggregators like Plaid and MX every time customers move funds from their JPMorgan accounts to crypto platforms or third-party services like Robinhood. This move has sparked serious concern across the crypto and fintech industries. Industry executives warn that the fees could drastically increase operating costs, potentially making it financially impossible for smaller players to survive. One executive told Fortune that companies would need to raise prices by 1000% just to stay afloat. Others see it as a strategic move to limit competition rather than generate revenue. Andreessen Horowitz partner Alex Rampell criticized the move, saying it’s more about cutting off rivals than innovation. Kraken co-CEO Arjun Sethi echoed that sentiment, calling it a toll on data access, not a technical improvement. The news hit fintech stocks hard, with shares of Affirm, PayPal, and Mastercard all dropping following JPMorgan’s announcement. Critics argue that if this policy succeeds, other banks will likely follow, tightening control over customer data and further squeezing the crypto sector. As JPMorgan continues to report strong earnings and economic resilience, its latest move could reshape how financial data is accessed and who gets to use it affordably.