Key Takeaways
- Unlike previous efforts driven by U.S. regulators, Operation Chokepoint 3.0 is likely being orchestrated by major banks.
- Charging steep fees or blocking access to crypto and fintech apps may reduce consumer freedom.
- If JPMorgan’s tactics succeed without pushback, other banks will likely follow.
With regulators stepping back from overt crackdowns on crypto, a new front has opened—not in Washington, but in Wall Street boardrooms.
Behind closed doors and under the guise of routine business practices, the biggest banks in America are quietly reshaping access to digital assets. The tactic is subtle throttling through fees, friction, and control over consumer data.
It’s a strategy that doesn’t require new legislation or regulatory oversight, and that’s precisely what makes it so effective and dangerous for cryptocurrencies.
Major Banks Take the Lead in a New Anti-Crypto Offensive
Big banks appear to be taking over after regulatory efforts to sideline crypto under the Biden administration largely faded.
Dubbed “Operation Chokepoint 3.0” by Andreessen Horowitz general partner Alex Rampell , federal regulators are not enforcing the latest wave of restrictions on the crypto and fintech sector—but by the banks themselves.
Rampell’s warning centers on JPMorgan Chase, which recently began charging fintech firms significant fees to access customer bank data.
While framed as a monetization move, critics argue the real intent is to restrict competition.
“This isn’t about a new revenue stream. It’s about strangling competition,” Rampell said.
At stake is consumer access to crypto and fintech platforms. If moving money to exchanges like Coinbase or apps like Robinhood becomes too expensive or outright blocked, the user base could shrink—not because of market forces, but due to gatekeeping by legacy financial institutions.
How Chokepoint 3.0 Could Undermine Consumer Choice
Banks are leveraging their control over payment infrastructure to make it more expensive—or in some cases impossible—for consumers to move funds to alternative platforms.
These tactics could make digital asset adoption prohibitively difficult for average users, whether through steep API access fees, delays in fund transfers, or outright refusal to interface with certain apps.
Rampell emphasized that some “data” banks are gatekeeping amounts to basic account and routing numbers—the same information printed on physical checks.
Yet when delivered electronically to fintechs, banks argue that such access warrants high fees. Critics say this distorts data ownership and violates consumer rights.
This is in conflict with Section 1033 of the Dodd-Frank Act, which affirms that consumers—not banks—own their financial data.
While the Consumer Financial Protection Bureau (CFPB) has taken steps to enforce these rights, the current bank-led strategy bypasses regulatory reform. It creates a de facto chokepoint through market dominance.
The fear is that if JPMorgan gets away with it, others will follow—and because most consumers have few alternatives for everyday banking, the market will become captive.
The result may be that crypto adoption slows, fintech growth stalls, and competition erodes without legislation or public scrutiny.
Operation Chokepoint 2.0 and Its Legacy
“Operation Chokepoint” originated in 2013, when the U.S. Department of Justice pressured banks to sever ties with legal but “high-risk” industries.
While initially aimed at curbing fraud, it drew criticism for quietly cutting off lawful businesses from financial services.
Operation Chokepoint 2.0 took form during the Biden presidency. Federal regulators allegedly worked to “debank” crypto firms, pressuring financial institutions to distance themselves from the digital asset space.
According to a 2023 U.S. House Financial Services Committee report , this campaign had chilling effects on crypto innovation and access, with many firms losing banking relationships.
That phase may be over—but Operation Chokepoint 3.0 could prove more insidious. This time, it’s not regulators but incumbent banks enacting the squeeze.
unlike the prior campaigns, this one doesn’t need subpoenas or public memos to work—just fees, delays, and selective platform bans.
Without regulatory intervention or more vigorous enforcement of existing consumer data rights, the fintech and crypto sectors risk being throttled by the institutions they aim to disrupt.
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