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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 Crypto Prime Broker FalconX to Buy ETF Provider 21Shares: WSJ appeared on BitcoinEthereumNews.com. Digital asset prime broker FalconX agreed to acquire crypto asset manager 21Shares, the Wall Street Journal reported on Wednesday. The deal, terms of which were not disclosed, will allow FalconX to expand beyond market making and liquidity services into issuing crypto exchange-traded funds (ETFs), a particularly prevalent area of institutional adoption of cryptocurrency. The combined business will develop crypto funds centered on derivatives and structured products, the report said, citing an interview with company executives. FalconX’s co-founder Raghu Yarlagadda said the combined company will be able to bring products to market faster. After the long-awaited debut of spot bitcoin ETFs in the U.S. in January 2024, followed by their ether equivalents a few months later, asset managers began exploring which smaller tokens they could offer exposure to through these products. ETFs tracking XRP and DOGE debuted in the U.S. last month, with SOL and LTC set to follow but face delays due to the government shutdown. Zurich, Switzerland-based 21Shares is one of the most prominent providers of crypto exchange-traded products (ETPs), having listed them in Europe long before they became available in the U.S. The firm reached the milestone of listing 50 ETPs in Europe last month. Neither of the firms immediately responded to CoinDesk’s request for comment. UPDATE (Oct. 22, 14:25 UTC): Adds further detail and background throughout. Source: https://www.coindesk.com/business/2025/10/22/crypto-prime-broker-falconx-to-buy-etf-provider-21shares-wsj