Venture capitalist and a16z General Partner Alex Rampell has sounded the alarm over what he describes as a new and covert financial crackdown—this time driven not by regulators, but by big banks themselves.
Dubbed “Operation Chokepoint 3.0,” Rampell claims the effort is a strategic move by traditional financial institutions to suppress competition from the crypto and fintech sectors.
From Washington to Wall Street: A New Front in the Fight
While the Biden administration’s regulatory pressure on crypto—often referred to as “Operation Chokepoint 2.0″—has subsided, Rampell argues that U.S. banks are now taking matters into their own hands. “JPMorgan and others aren’t just seeking more revenue,” he warned, “they’re trying to choke out rivals like Coinbase and Robinhood by making it harder and more expensive for users to move their money.”
According to Rampell, the tactics include exorbitant fees for basic financial data, limitations on moving funds to fintech apps, and even outright blocking of applications that threaten incumbent banks’ business models.
Data as a Weapon—Despite Dodd-Frank Protections
Rampell pointed to Section 1033 of the Dodd-Frank Act, which guarantees consumers the right to access their own financial data. However, he noted that some banks now impose high fees even for basic information like account and routing numbers—data that’s routinely printed on physical checks but penalized when requested digitally.
“If it suddenly costs $10 to move $100 into a Coinbase account,” Rampell said, “many consumers will hesitate—giving banks the edge, not through better service, but through anti-competitive friction.”
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A Call for Enforcement, Not New Laws
Rather than calling for new legislation, Rampell is urging the current administration and the Consumer Financial Protection Bureau (CFPB) to step up enforcement. “This isn’t about policy anymore,” he stressed. “It’s about execution. If banks are allowed to manipulate access and suppress fintech options, we risk losing consumer choice entirely.”
Rampell concluded with a stark warning: “When every bank behaves the same way and getting a new charter takes years, consumers aren’t choosing—they’re trapped.”
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
