Chokepoint 3.0? a16z Says Big Banks Are Quietly Strangling Crypto and Fintech Rivals

Key Points

1. Alex Rampell of a16z accuses major U.S. banks of 'Operation Chokepoint 3.0', a strategy to stifle fintech and crypto platforms by taking matters into their own hands.

2. Rampell highlights banks like JPMorgan Chase for using high fees to price out competitors, making it costly to move money into platforms like Coinbase or Robinhood.

3. He warns about banks blocking financial apps, limiting consumer choice, and describes customers as 'hostages' due to lack of alternatives.

4. Rampell urges regulators, specifically the CFPB, to enforce Section 1033 of the Dodd-Frank Act to ensure consumer access to their financial data without needing new laws.