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Zameer Attar
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๏ปฟAnjali BelgaumkarWriter by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Aug 02, 2025 12:18 UTC
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Banks Launch Operation Chokepoint 3.0 to Restrict Crypto and Fintech Access
Alex Rampell warned against Operation Chokepoint 3.0, which will restrict crypto and fintech access.
JPMorgan Chase is also adopting the new Operation Chokepoint 3.0.
Banks to implement fees for access to customer bank account data, potentially amounting to hundreds of millions of dollars.
Andreessen Horowitz (a16z) partner, Alex Rampell, has warned that banks are about to adopt a new approach of โOperation Chokepoint 3.0.โ It is an initiative allegedly targeting crypto and fintech companies that strives to implement excessive fees and access restrictions in these industries.
Chokepoint 3.0 Strategy to Destroy Crypto Fintech Firms?
Rampell asserted that Operation Chokepoint 2.0, which started under the Biden administration, tried to debank and deplatform crypto, has ended, but the relief for the fintech and crypto industry is not for long.ย
He indicates that the introduction of new charges under Chokepoint 3.0 could drastically impact fintech companies that rely on access to customer bank accounts for operations.
Rampell stated, โNow the banks are aiming to implement their own Chokepoint 3.0 โ charging insanely high fees to access data or move money to crypto and fintech apps โ and, more concerningly, blocking crypto and fintech apps they donโt like.โ
JPMorgan Adopts Operation Chokepoint 3.0
The global financial holding company, JPMorgan Chase, is also adopting the new approach. It has announced plans to implement fees for access to customer bank account data, potentially amounting to hundreds of millions of dollars. The fees will vary according to the usage, with higher costs for payment-centric firms.
A spokesperson from Chase stated, โWeโve had productive conversations and are working with the entire ecosystem to ensure weโre all making the necessary investments in the infrastructure that keeps our customers safe.โ
Rampell argues that charging extra fees for data protection is โcrazyโ because sometimes the data is just the bank account number and routing code, which is printed on every check. Yet somehow, the banks are starting to charge for that as well, signaling indirect corruption.
Exchanges May Face Depletion in Crypto Involvement
Platforms like PayPalโs Venmo, crypto wallets such as Coinbase, and retail trading brokerages such as Robinhood depend on this data for transactions. The new initiative could result in a cut in the platformsโ participation rate if the cost to move assets increases.
Rampell says, โIf it suddenly costs $10 to move $100 into a Coinbase or Robinhood account, maybe fewer people will do it.โ
Additionally, he states that crypto and fintech companies do not need new law, but an administration to prevent these manipulative approaches that desire to end the competitive industries.
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FAQs
a16z’s Alex Rampell warns banks plan to impose excessive fees & restrictions on crypto/fintech access to customer accounts, potentially crippling platforms like Coinbase and Robinhood.
While Chokepoint 2.0 debanked crypto firms, 3.0 introduces high fees for account access/data – JPMorgan already plans tiered charges that could cost fintechs millions.
Payment apps (Venmo), crypto wallets (Coinbase), and brokerages (Robinhood) face operational challenges if $10 fees deter users from moving $100 to their platforms.
Yes 
No 
