Major US financial institutions including JPMorgan face allegations of deliberately inflating transaction fees and restricting banking access for cryptocurrency platforms such as Coinbase and Robinhood. Industry leaders have labeled this coordinated effort ‘Operation Chokepoint 3.0′, alleging banks aim to stifle crypto industry competition rather than generate legitimate revenue.
Prominent crypto figures including Alex Rampell of Andreessen Horowitz and Gemini co-founder Tyler Winklevoss have denounced banking restrictions as deliberate attempts to undermine sector growth. These criticisms follow JPMorgan’s termination of banking relationship rebuilding efforts with Gemini.
Despite banking obstacles, crypto exchanges continue expanding services. Coinbase introduces tokenized stocks, prediction markets, and derivatives for US customers, while Robinhood extends its platform access to 31 European countries.
The tactics allegedly reflect traditional banks’ perception of cryptocurrency and fintech firms as competitive threats. Industry analysis indicates JPMorgan’s actions prioritize competitive choking over revenue generation.
Contrasting banking restrictions, the US regulatory environment remains favorable for crypto advancement. Recent pro-crypto measures introduced by the Securities and Exchange Commission signal ongoing institutional support for cryptocurrency innovation.