Morgan Stanley analysts wrote that even if JPMorgan implements the plan, the impact will likely be negligible.

Block Inc. (XYZ) and other fintech stocks rose on Monday after Wall Street analysts allayed fears of investors after a report said JPMorgan & Chase will charge data aggregators for customers’ bank account information.

Last week, fintech stocks, including Block, PayPal, and Robinhood, slipped after Bloomberg News reported that the nation’s largest bank was considering charging fees amounting to hundreds of millions of dollars to data aggregators that link fintech firms with users’ data.

Block rose over 5% at the closing of trade while PayPal gained 3.5%. Robinhood and Shift4 Payments both rose marginally.

According to TheFly, Morgan Stanley analysts wrote that even if JPMorgan implements the plan, the impact will likely be negligible. Additionally, if the fees were much higher than a few basis points, the fintech companies would move those transactions to debit rails. A payment rail is the platform that facilitates transactions between a payment sender and a payment recipient.

While Evercore ISI analysts said the anticipated fees were “far from a ‘business model-breaking’ cost increase.” The brokerage also noted that the most immediate effect would be a marginal uptick in the cost of one-time account setups, which could be between 50 and 60 cents.

Retail sentiment on Stocktwits about ‘Block’ was in the ‘bullish’ territory, while traders were ‘neutral’ about PayPal and Robinhood.

Monday’s stock moves were also aided by a surge in Bitcoin prices, which topped $123,000 for the first time amid optimism surrounding several crypto legislation bills, to be voted on by the U.S. Congress this week.

Several analysts noted on Monday that smaller fintech players were more at risk from changes to the existing Open Banking rule, which requires banks to share customer data with other lenders or financial services providers for free. The rule, finalized during the Biden administration, is being contested in court as banks have alleged that it exposes them to greater liability for fraud.    

Block stock has fallen 20.3% year-to-date, while PayPal is down nearly 14%. In comparison, Robinhood has gained 160% YTD.

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