Consumer complaint received 2026-02-08 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: WELLS FARGO & COMPANY
State: DC

Complaint narrative:
I am filing this formal complaint against Wells Fargo & Company for engaging in anticompetitive practices, including lobbying and public advocacy that obstruct the passage of the Digital Asset Market Clarity Act of 2025 ( XXXX XXXX XXXX XXXX ), hindering financial innovation in digital assets, and opposing XXXX XXXX 's pro-crypto agenda. These actions violate federal antitrust laws by suppressing competition from stablecoins and crypto products, harming consumers through reduced access to higher-yield financial options and perpetuating banking monopolies. I request a CFPB investigation, coordination with the DOJ XXXX XXXX, and penalties to safeguard consumer interests and promote innovation. 

Detailed Description of the Issue : The CLARITY Act seeks to establish a regulatory framework for digital assets, clarifying oversight between the SEC and CFTC, defining digital commodities, and enabling innovation while protecting investors. It passed the House on XX/XX/year>, but has stalled in the XXXX due to opposition from traditional banks, including Wells Fargo. 

Wells Fargo, led by XXXX XXXX XXXX, has actively opposed provisions allowing yields or rewards on stablecoins, viewing them as a threat to bank deposits. XXXX publicly refused engagement with crypto leaders, stating there was " nothing to talk about '' when approached about the issue, reflecting strong resistance to competition from higher-yield stablecoin products. The bank participated in White House meetings on stablecoin yield and industry discussions to push for bans or restrictions, blocking competition from fintech innovators.

This opposition aligns with Wells Fargo 's involvement in lobbying efforts through banking trade groups, contributing to joint statements and advocacy to limit stablecoin yields in the CLARITY Act and related bills. These efforts prioritize market dominance over innovation.

These actions contradict President Trump 's crypto agenda, which aims to make the U.S. the " crypto capital of the world '' through supportive legislation like the CLARITY Act. Trump has urged Congress to pass such bills, yet Wells Fargo 's resistance persists, harming national innovation goals.

By suppressing crypto competition, Wells Fargo harms consumers : banks offer low yields ( e.g., 0.07 % on savings ) while profiting from higher-return investments. Stablecoins could provide up to 4 % yields, but Wells Fargo 's efforts maintain artificially low returns, higher fees, and limited choices, exacerbating financial inequality.

Legal Violations and Supporting Facts : 1. Violation of the Sherman Antitrust Act ( 15 U.S.C. 1-7 ) : - Section 1 prohibits contracts, combinations, or conspiracies in restraint of trade. Wells Fargo 's coordinated lobbying with banking groups constitutes a conspiracy to restrain trade by blocking stablecoin competition. 
- Section XXXX addresses monopolization ; actions protect dominance over deposits, denying consumers fintech alternatives. 
- Evidence includes XXXX XXXX 's public refusal to engage and participation in XXXX House meetings to influence XXXX XXXX outcomes against yields. 

XXXX. Violation of the Clayton Antitrust Act ( 15 U.S.C. 12-27 ) : - Prohibits practices that substantially lessen competition. Wells Fargo 's advocacy creates barriers for crypto entrants, as noted in industry reports accusing banks of protectionism. 3. Consumer Harm Under CFPB Authority ( 12 U.S.C. 5531 ) : - Unfair, deceptive, or abusive acts or practices ( UDAAP ) : indirectly enables overcharging via suppressed innovation. - Consumers miss trillions in better-yield opportunities,
exacerbating financial inequality.

- Opposes Trump 's agenda for U.S. crypto leadership, harming public interest in innovation. 

Evidence and Sources : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation