Major U.S. banks may no longer need government pressure to restrict crypto access, according to a16z; they’ve taken matters into their own hands. What started as a state-driven crackdown has now evolved into what Andreessen Horowitz calls “Chokepoint 3.0,” a private-sector push led by traditional financial institutions to suppress digital asset innovation through fees and restricted access.

Banks Allegedly Target Crypto via Fee Structures

Venture capital firm Andreessen Horowitz (a16z) has raised concerns over what it terms “Operation Chokepoint 3.0.” In a newsletter, partners James da Costa, Alex Rampell, Angela Strange, and David Haber described how banks are reportedly pushing new tactics that restrict crypto and fintech firms. The strategy, according to the partners, includes imposing excessive fees for essential banking services and blocking access to certain applications.

The firm specifically named JPMorgan Chase, citing its newly introduced fee structure for data aggregators. This structure affects fintech platforms that connect consumers to banking services, such as Venmo, Robinhood, and Coinbase. By increasing operational costs, the bank could be making it more difficult for these services to function profitably. a16z warned that these changes might translate into higher costs for consumers or disruptions in service.

Crypto Firms Respond to Chokepoint 3.0 Allegations

The crypto industry has voiced concerns about this development, labeling it as anti-competitive behavior. These restrictions, while not officially mandated, could mirror the outcomes of prior government-led efforts to limit crypto activity. Ripple CTO David Schwartz has been vocal about what he views as indirect regulation targeting lawful businesses.

“Operation Chokepoint 2.0 was a government operation to pressure banks to unbank ‘disfavored’ people and businesses,” Schwartz said. He added that this indirect control bypassed legal due process and should be ended permanently.

The criticism comes as fintech and crypto industries continue to advocate for open banking rules. These frameworks, under review by U.S. regulators, would allow consumers to control and authorize access to their financial data. However, the proposed fees from banks could limit the effectiveness of such policies.

Political Shifts May Affect Bank-Crypto Relations

Since the election of President Donald Trump, the administration has shown interest in the inclusion of crypto in the traditional financial framework. This has seen more Wall Street firms getting involved, and this might change how policies are made regarding digital assets by the federal authority.

In spite of this move, individual organizations such as JPMorgan resort to applying their judgment with regard to the crypto environment. CEO Jamie Dimon has opined that financial institutions should receive payments from fintech players in order to get bank infrastructure access. This is perceived by critics as an obstacle to innovation, however.

Gemini co-founder Tyler Winklevoss recently claimed that JPMorgan had halted the firm’s re-onboarding process. He attributed the move to his public criticism of the bank’s fee policy, which he said could damage firms that enable crypto payments.

My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your… https://t.co/c9Ls7QpAmT

— Tyler Winklevoss (@tyler) July 25, 2025

Regulatory Debate Over Data Access Grows

The conversation around fair data access is growing within financial and regulatory circles. Venture capital firms, crypto executives, and fintech developers are urging for policies that ensure consumer permissioned data remains available at a fair cost. a16z and others argue that such access is vital for competition and innovation.

As regulators consider new rules on digital asset oversight and financial infrastructure, the debate over data control and service fees continues to escalate. The result may define the future relationship between crypto companies and traditional banks.