Banks Revive Chokepoint 3.0 to Squeeze Crypto and Fintech Access

Alex Rampell, a general partner at Andreessen Horowitz (a16z), has sounded the alarm on a new banking strategy he calls “Operation Chokepoint 3.0.” This initiative, allegedly led by major banks, targets crypto and fintech companies by imposing exorbitant fees to access customer bank account data — data often as simple as routing and account numbers.

Rampell claims this is a continuation of Operation Chokepoint 2.0, which tried to debank and deplatform crypto firms. While that effort has ended, Rampell warns that Chokepoint 3.0 is even more damaging due to its indirect and financial nature.

JPMorgan Chase has reportedly embraced this approach, announcing it will begin charging high fees for data access — costs that could reach hundreds of millions of dollars, particularly affecting payment-focused platforms.

A spokesperson from Chase claimed the move is to invest in infrastructure and ensure customer safety, but Rampell pushed back:
“Sometimes that ‘protected data’ is just the bank account number printed on every check. Charging for that is insane.”

This could significantly impact platforms like Coinbase, Venmo, and Robinhood, which rely on low-cost transfers. If moving $100 into an app suddenly costs $10, user adoption could decline.

Rampell concludes that crypto and fintech don’t need new laws — they need a regulatory mindset that stops these anti-competitive tactics from stifling innovation.