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Banks Launch Operation Chokepoint 3.0 to Restrict Crypto and Fintech Access
Banks Launch Operation Chokepoint 3.0 to Restrict Crypto and Fintech Access
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BTCCSquare news:
Andreessen Horowitz partner Alex Rampell warns of a new banking strategy dubbed "Operation Chokepoint 3.0," targeting crypto and fintech firms with excessive fees and access restrictions. This follows the Biden administration's earlier efforts to debank crypto through Operation Chokepoint 2.0.
JPMorgan Chase is leading the charge, implementing fees for customer data access that could cost fintech firms hundreds of millions. Payment-centric companies face particularly steep costs. "Banks now aim to charge insanely high fees or block disfavored apps outright," Rampell states, signaling heightened financial censorship risks.
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