U.S. Banks Introduce Chokepoint 3.0 to Restrict Crypto and Fintech Access

U.S. banks are reportedly adopting a strategy dubbed “Chokepoint 3.0,” which critics claim is limiting access to financial services for cryptocurrency and fintech firms, potentially stifling innovation and market growth. The term, coined by Andreessen Horowitz partner Alex Rampell, refers to a set of tactics where banks impose high fees and selective restrictions on data access and fund transfers to crypto and fintech platforms. JPMorgan Chase has been highlighted as a key player in these efforts, particularly through its recent fee policies targeting data aggregators used by platforms like Venmo, Robinhood, and Coinbase [1].

The strategy is seen as an extension of past efforts by traditional banks to curb competition from non-traditional financial services. By charging elevated fees for account access and limiting data flow, banks are effectively creating barriers for crypto and fintech startups, which rely on seamless integration with traditional financial infrastructure. Rampell argues that these measures could increase operational costs for fintech and crypto businesses, discourage new user adoption, and reduce consumer access to digital financial tools [2].

Industry figures, including Ripple’s CTO David Schwartz, have criticized the move as “rent-seeking” and “anti-competitive,” with some suggesting it bypasses due process by leveraging indirect regulatory pressures. Tyler Winklevoss, co-founder of Gemini, alleged that JPMorgan paused Gemini’s re-onboarding process due to public criticism of the bank’s data access policies, fueling broader concerns about potential retaliation against crypto businesses [3].

The implications of Chokepoint 3.0 extend beyond individual firms. Rampell warns that historical precedents, such as earlier banking chokepoints, led to reduced fiat inflows into the crypto market. This could signal a shift in regulatory approaches and market dynamics, compelling crypto platforms to develop alternative solutions to circumvent these banking restrictions [4].

However, the situation is not without potential turning points. The recent “Golden Age of Crypto” report by the U.S. Digital Assets Working Group suggests a more open stance toward crypto adoption, possibly signaling a regulatory shift that could counterbalance these banking strategies. This has drawn interest from Wall Street institutions and may influence future investment trends in the digital finance space [5].

While banks like JPMorgan argue that third-party companies should pay for system access, critics—including venture capital firms like a16z—see the move as part of a broader anti-competitive agenda. The debate underscores the growing tension between traditional financial institutions and emerging fintech and crypto players, as both sides argue over the definition of fair competition and access in the digital financial ecosystem [6].

Source: [1]title1....................(https://www.coindesk.com/business/2025/08/02/chokepoint-3-0-has-arrived-a16z-warns-of-anti-crypto-bank-tactics) [2]title2....................(https://www.mitrade.com/insights/news/live-news/article-3-1007451-20250802) [3]title3....................(https://coingape.com/major-u-s-banks-now-pushing-chokepoint-3-0-to-kill-crypto-a16z-partner/) [4]title4....................(https://coinpedia.org/news/banks-launch-operation-chokepoint-3-0-to-restrict-crypto-and-fintech-access/) [5]title5....................(https://www.ainvest.com/news/major-banks-push-chokepoint-3-0-halt-crypto-growth-2508/) [6]title6....................(https://coingape.com/major-u-s-banks-now-pushing-chokepoint-3-0-to-kill-crypto-a16z-partner/)