Inside the battle between the old guard and the upstarts for the future of the financial system

s·Term SheetInside the battle between the old guard and the upstarts for the future of the financial systemBy Leo SchwartzBy Leo SchwartzSenior WriterLeo SchwartzSenior WriterLeo Schwartz is a senior writer at Fortune covering fin, crypto, venture capital, and financial regulation.SEE FULL BIO Entrepreneur twins Tyler Winklevoss (L) and Cameron Winklevoss attend the signing of the GENIUS Act, which codifies the use of stablecoins

The Winklevoss twins are part of a letter fighting against banks charging for access to consumer data

Brendan Smialowski—Getty ImagesAfter weeks of simmering tensions, the battle between fin firms and banks is finally spilling into the public eye—and it’s pitting factions of the fragile Trump coalition against each other

Fin firms Plaid championed the concept as a consumer-friendly apach to controlling your own data and making it more freely transferable between different institutions, JP Morgan and Robinhood

Banks, predictably, were not so thrilled, raising alarms over security risks

As I wrote back on inauguration day, it wasn’t necessarily where the Trump administration would land

Traditionally, old guard banks have held enormous influence in D.C., spawning nicknames Government Sachs

But Trump 2.0 is staffed by venture investors and funded by crypto dollars, meaning the balance of power was shifting

One of the Trump administration’s first acts was to gut the CFPB, with its open banking posal sacrificed as collateral damage

Almost immediately, big banks signaled that they would begin charging fees to fin firms for accessing consumer finance data—a move that a16z general partner Alex Rampell decried as “Operation Chokepoint 3.0” (here we go again)

This is where things get tricky

In a strictly Manichean outlook on Trump world, you might think that any supporter wants to destroy the CFPB and anything it stands for

But now you have financial nology advocates arguing that, actually, the CFPB should be moving forward with its open banking posal (but bably not any of its pesky enforcement work)

It almost seems an ancient Greek paradox

Is implementing regulations that create more freedom in actually deregulatory? ly indifferent to the irony of boosting an agency that many of them are trying to nuke out of existence, a coalition of fin and crypto leaders issued a letter on Wednesday to Trump, imploring him to oppose the fees that banks were threatening to impose

A trio of bank industry groups lobbed back, describing the accusations as “misleading.” In the meantime, the slimmed-down CFPB announced earlier in the month that it was going to revisit open banking rules

Even if you don’t care the particularities of data sharing, the showdown still reveals the fascinating new faultlines in D.C.—and the mounting power of the financial nology industry

Even as the big banks recognize the sea change and embrace once-anathema sectors crypto, they don’t hold the same grip on politicians that they once did

Just look at Trump’s executive order on debanking, which targeted not the regulators, but the banks that supposedly cut off services for political reasons, including to Trump himself

The era of Government Sachs may be waning

ICYMI…Speaking of shifting sands in the world of finance, Ben Weiss and I have been reporting on how fin giant Stripe is doubling down on its crypto bets

That includes plans to launch its own blockchain, which will be helmed by venture power broker—and Stripe board member—Matt Huang of Paradigm

Leo SchwartzX: @leomschwartz: leo.schwartz@fortune.com Submit a deal for the Term Sheet here

Joey Abrams curated the deals section of today’s . here

M25 led the round and was joined by Wellington Management Company, BuffGold Ventures, Ann Arbor SPARK, Service vider Capital, The Unicorn Group, and angel investors.PRIVATE EQUITY- Datasite, backed by CapVest Partners, acquired Sourcescrub, a San Francisco-based vider of deal-sourcing data and workflows

Financial terms were not disclosed.- HG Insights, backed by Riverwood Capital Investors, acquired Madkudu, a Mountain View, Calif.-based vider of GTM Solutions

Financial terms were not disclosed. - Jenmar, a portfolio company of FalconPoint Partners, acquired Weber Mining & Tunnelling SAS, a Rouhling, France-based developer of resins and foams for mining cesses

Financial terms were not disclosed.- Schneider Geospatial, a portfolio company of Align Capital Partners, acquired Full Circle nologies, a Boston, Mass.-based permitting & licensing software company

Financial terms were not disclosed.This is the web version of Term Sheet, a daily on the biggest deals and dealmakers in venture capital and private equity. for free.