Operation Chokepoint 3.0: Is the Crypto Crackdown Here? What You Must Know in 2025

The financial regulators are back—and this time, they’re gunning for crypto. Operation Chokepoint 3.0 isn’t just a rumor anymore. Here’s the lowdown on the latest assault on decentralized finance.

The Ghost of Banking Past

Remember when traditional finance swore blockchain was a fad? Now they’re using every tool to strangle its growth. From shadowy banking restrictions to ‘guidance’ that smells like coercion, the playbook hasn’t changed—just the target.

How They’re Doing It

Payment processors cut off. Banking access ‘reviewed.’ Stablecoins in the crosshairs. The tactics are straight out of 2013, but the tech? Lightyears ahead. Good luck choking a chain that runs on 100,000 nodes.

The Irony Department

Meanwhile, the same banks crying about ‘risk’ just lost $3B in a single quarter to good old-fashioned fraud. But sure, it’s crypto that needs ‘protection.’

Prediction? Pain for weak hands. Glory for true believers. The blockchain doesn’t beg for permission—it bypasses gatekeepers. Always has. Always will.

Key Takeaways

Major banks like JPMorgan have been accused of trying to choke crypto innovation by charging exorbitant data and transfer fees. However, thanks to the SEC’s support and global growth, platforms like Coinbase remain undeterred.

In a recent development that could intensify the already-strained relationship between traditional finance and the crypto industry, concerns have emerged over U.S banks allegedly working behind the scenes to undermine major crypto platforms like Coinbase and Robinhood.

Are big banks curbing crypto?

On 31 July, Alex Rampell, General Partner at Andreessen Horowitz, brought some concerns into the spotlight through a sharply worded newsletter. He raised questions about whether incumbent financial institutions are using unfair tactics to slow down crypto adoption.

He said, 

“Banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or MOVE money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like.”

Following the Biden-era crackdown on crypto, which was often dubbed Operation Chokepoint 2.0, a new wave of financial pressure seems to be emerging from within the banking sector itself.

Operation Chokepoint 3.0

According to Rampell, U.S banks are quietly rolling out “Chokepoint 3.0.” He argued that banks like JPMorgan are now using high fees and restricted access to stifle fintech and crypto rivals.

As evidence of this alleged under-the-wraps operation, he pointed to JPMorgan now charging fintech apps for accessing customer data.

He warned that moves like these could cost platforms that utilize this data to provide services to their customers, many of which are new-age crypto companies, hundreds of millions of dollars.

“This isn’t about revenue—it’s about killing competition.”

He added, 

“If it suddenly costs $10 to move $100 into a Coinbase or Robinhood account, maybe fewer people will do it. Or if it costs $10 to get a cheaper loan from a fintech, maybe you’ll be forced to take a crappier one from JPM.”

Rampell further warned that banks could soon take more aggressive steps, such as blocking users from linking their accounts to crypto or fintech platforms altogether. Steps like these could effectively force consumers to stick with traditional financial services.

Drawing parallels to the Biden-era Operation Chokepoint, which sought to limit banking access for crypto firms, Rampell claimed that this new wave of obstruction isn’t coming from regulators, but from the banks themselves.

“JPMorganChase is an $800 billion company. Make no mistake: this isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow.”

Crypto exchanges stand strong

Despite mounting resistance from traditional banking giants, the crypto industry continues to push forward, with platforms like Coinbase and Robinhood expanding aggressively.

In fact, Coinbase is reportedly considering the launch of tokenized stocks and derivatives in the U.S. All while Robinhood is rolling out over 200 tokenized stocks and ETFs across 31 European countries.

Simultaneously, regulatory tailwinds under the new, relatively more crypto-friendly administration are helping reshape the landscape.

In fact, despite Rampell’s concerns over JPMorgan stifling the crypto sector, the bank’s 30 July announcement of a direct bank-to-wallet LINK with Coinbase signals a notable shift.

So, while banks may attempt to slow down crypto’s momentum, the industry’s evolution seems far from over.