JPMorgan and Others Accused of Stifling Crypto Apps in Alleged ‘Chokepoint 3.0’
Big banks are making it harder and more expensive for consumers to use fintech and crypto apps, which amounts to what could be seen as “Operation Chokepoint 3.0.”
That’s according to Alex Rampell, General Partner at venture capital firm Andreessen Horowitz (a16z). In its latest fintech newsletter, Rampell pointed to traditional financial institutions charging high fees to access account data or move money, particularly to services like Coinbase or Robinhood, as a move to strangle the competition.
“Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,” Rampell said. “That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access…
