US Banks Allegedly Employ Tactics That Could Challenge Coinbase’s Growth Amid Crypto Expansion

Key Points

1. US banks, including JPMorgan, are allegedly inflating transaction fees and restricting banking access to crypto platforms like Coinbase and Robinhood, a tactic dubbed Operation Chokepoint 3.0.

2. Alex Rampell of Andreessen Horowitz and Tyler Winklevoss of Gemini have criticized banks for undermining crypto growth, with JPMorgan ceasing efforts to rebuild banking ties with Gemini.

3. Coinbase is expanding its offerings to include tokenized stocks, prediction markets, and derivatives for US customers, while Robinhood is expanding its services to 31 European countries.

4. Banks view fintech and crypto firms as competitive threats, with JPMorgan's actions seen as an attempt to strangle competition rather than generate new revenue.

5. Despite banking restrictions, the US regulatory environment remains favorable for crypto, with the SEC recently introducing pro-crypto measures.