Andreessen Horowitz (a16z) slams JPMorgan for charging high fees to fintech platforms. This move could “bankrupt innovation” and limit user choice, warns Tyler Winklevoss.

Big banks are back at it — quietly trying to choke crypto & fintech competition with sky-high fees!

Andreessen Horowitz (a16z) General Partner Alex Rampell warns that “Operation Chokepoint 3.0” is unfolding as banks like JPMorgan Chase charge insane fees for accessing basic account data and moving funds to platforms like Coinbase & Robinhood.

This move could silently strangle crypto adoption by making it too expensive and difficult for users to transfer funds to alternative platforms. Under the guise of "data security," banks are manipulating how financial data is shared, directly hurting crypto apps.

👉 If moving $100 to a crypto app starts costing $10 in fees, how many users will stay? This isn't just bad for crypto; it's bad for competition and innovation in fintech.

🏦 JPMorgan Under Fire

JPMorgan Chase has been singled out for introducing “data access fees” for fintech apps. Under U.S. law (Dodd-Frank Act, Section 1033), consumers have a right to their own financial data — but banks are controlling how that data is shared electronically, sometimes even blocking apps they dislike.

Gemini co-founder Tyler Winklevoss slammed the tactic, calling it “egregious regulatory capture” that could bankrupt fintech startups and kill innovation.

⚠️ Why It Matters

High fees = less competition.

Data restrictions = user lock-in.

Crypto platforms may lose new users due to these silent chokeholds.

a16z believes banks are weaponizing data fees to control which apps consumers can use, limiting choice and hurting the entire digital asset ecosystem.

🗣️ The Crypto Community Must Push Back!

Rampell urges regulators under the Trump administration to stop these practices before it becomes the new banking standard. He argues that consumers should be free to choose apps without banks dictating the terms.

> “We don’t need new laws; we need enforcement against this manipulative anti-competition tactic,” Rampell said.

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🔥 Do you think banks fear the rise of crypto? Should regulators intervene before “Chokepoint 3.0” becomes the new normal?

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