‘Chokepoint 3.0’ Has Arrived? a16z Warns of Anti-Crypto Bank Tactics

Key Points

1. Alex Rampell of a16z claims banks are charging exorbitant fees and blocking crypto/fintech apps, calling it 'Chokepoint 3.0'.

2. This follows 'Chokepoint 2.0', a regulatory effort under the Biden administration to debank crypto, which has since ended.

3. JPMorgan Chase is cited as an example, with concerns that high fees could deter consumers from transferring funds to crypto accounts.

4. Section 1033 of the Dodd-Frank Act grants consumers the right to access their financial data, but banks may still restrict competition.

5. Gemini co-founder Tyler Winklevoss also criticized JPMorgan for charging fintech platforms for access to customer banking data, calling it 'bad for America'.