‘Chokepoint 3.0’ Has Arrived? a16z Warns of Anti-Crypto Bank Tactics
August 2, 2025 – Venture capital giant Andreessen Horowitz (a16z) has raised concerns over what it describes as escalating anti-crypto tactics by major banks, warning that a new phase of financial strangulation—dubbed “Operation Chokepoint 3.0”—is underway. This development, highlighted by Alex Rampell, General Partner at a16z, points to traditional financial institutions increasingly making it harder and more expensive for consumers to use fintech and cryptocurrency platforms.
What Is “Chokepoint 3.0”?
Rampell’s recent fintech newsletter details how big banks are imposing steep fees and restrictions on accessing account data and transferring money to crypto exchanges and fintech apps such as Coinbase and Robinhood. This pricing and blockade strategy could effectively throttle competition by raising costs and limiting consumer choice.
“Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,” Rampell explained. “That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like.”
The term “Chokepoint 2.0” specifically refers to a period during which regulatory pressure led financial institutions to sever connections with crypto businesses and executives, particularly under the Federal Deposit Insurance Corp (FDIC) during Biden’s tenure. Following the election of former President Donald Trump, many of the aggressive regulatory measures were rolled back, easing pressure on the cryptocurrency sector—until now.
JPMorgan Chase Under the Spotlight
JPMorgan Chase, one of the largest U.S. banks, has been singled out by a16z as a primary example of these restrictive practices. Despite existing U.S. law, specifically Section 1033 of the Dodd-Frank Act, ensuring consumers’ rights to access their own financial data, banks have started to assert control over how that data is shared electronically.
According to Rampell, banks like JPMorgan are charging fees for access to even basic financial data such as routing and account numbers. This, he argues, could discourage consumers from transferring funds to alternative crypto and fintech platforms by making such transactions prohibitively expensive.
Rampell illustrated the impact with a straightforward example: “If it suddenly costs $10 to move $100 into a crypto account, maybe fewer people will do it. And if JPM and others can block consumers from connecting their own freely chosen crypto and fintech apps to their bank accounts, they effectively eliminate competition.”
Gemini co-founder Tyler Winklevoss has echoed these concerns, warning that JPMorgan’s fees for fintech platforms accessing customer banking data could “bankrupt” innovative startups. He characterized these practices as “egregious regulatory capture” that stifles innovation, harms American consumers, and undermines the country’s competitive edge.
JPMorgan’s Response
While JPMorgan has not responded directly to a16z and Gemini’s accusations, the bank told Forbes that it processes nearly 2 billion monthly data requests from third parties. The institution justified its new fee structure as a necessary step to prevent misuse and abuse of customer data.
Calls for Government Intervention
Rampell is urging the current Trump administration to intervene before these costly and exclusionary tactics become industry norms. He highlighted that switching banks is not a simple consumer decision due to the difficulty and time involved in obtaining new banking charters. “Many banks have hostages, not customers,” he noted.
He urged regulators to act swiftly: “We don’t need a new law; we just need the administration to prevent this callous and manipulative attempt to kill competition and consumer choice.”
As crypto and fintech platforms continue to push for broader inclusion within the financial ecosystem, the emerging “Chokepoint 3.0” controversy underscores the ongoing tensions between traditional banks and innovative financial services. How regulators and lawmakers respond could shape the future landscape of banking and digital finance.
For more updates on fintech and cryptocurrency regulation, stay tuned to Yahoo Finance.