The end of open banking in the US, and what does this mean for blockchains? Last week, Visa announced it pull itself out from "open banking", a fintech API alliance that allows customers to share their bank account access across different services. Cited reasons are - Trump undoes the regulation which says banking API access must be free - JPMorgan started to charge for this The spat is between JPMorgan and Visa. It's a bit ridiculous. Because neither of those should own your bank account, transaction history, etc, you, as a customer, should own your own account. If Visa and JPMorgan cannot agree, and corporates with conflicting interest never can, the system is in a metastable state and only holds together by regulatory duct-tape, which Trump is now undoing. And this, ladies and sers, is where public blockchains shine: credible neutrality. - You own your account on a public blockchain: you do not need to ask a bank or anyone else if you are allowed to use your own account in a fintech application, like earning yield on DeFi - There is no owner of a public blockchain, so no one can hike the fees, deny access, or rug pull the API from you as a user This will also serve as a warning story for permission blockchains and private blockchains. These have existed since 2018, but there hasn't been any really successful Hyperledger project, for example. Hopefully, companies building "with" JPMorgan on their Kinexys chain realise the game is rigged against them long term. As shared by @LexSokolin