Operation Chokepoint 3.0: The Great Financial Stranglefest Begins! 🚀💰

by

Key Takeaways

Apparently, Big Bad Banks like JPMorgan are hell-bent on turning crypto into a confusing maze of fees, charges, and “stop right there, criminal scum!” moments. Luckily, thanks to the SEC’s benevolent support and global enthusiasm, Coinbase and friends pedal on undeterred, probably humming a jaunty tune.

In a twist that makes you wonder if banks are secretly auditioning for the role of villain in a Bond movie, whispers are circulating about U.S banks plotting to «*crush*» crypto platforms such as Coinbase and Robinhood right under our digital noses. No cap.

Are big banks curbing crypto?

On the oh-so-accurate date of July 31, Alex Rampell — a guy with a name that sounds like someone who’s about to sell you insurance at a carnival — raised a finger and shook it at the banking giants via a newsletter that’s probably more dramatic than a soap opera. His question: Are these oh-so-well-meaning banks doing their best impression of Darth Vader and trying to slow down the crypto rebellion?

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 administration’s less-than-subtle attempt at controlling crypto through Operation Chokepoint 2.0, now it looks like the banks have taken it upon themselves to continue the strangulation — because why not?

Operation Chokepoint 3.0

Rampell claims that in the quiet corners of banking vaults, a new sinister plan is brewing—“Chokepoint 3.0”, if you’re keeping track. Think of JPMorgan as the Darth Vader of banking, wielding unholy high fees and sneaky access restrictions to neutralize their crypto rivals.

And the evidence? Well, JPM now charges fintech apps for *accessing* customer data. Because apparently, that’s a good business plan.

He warns that the cost for a few dollars’ worth of crypto might skyrocket to the point where your grandpa’s piggy bank suddenly seems affordable. Or, you might get shunted into a crappier loan just because the bank says so. Truly, a plot thicker than a bowl of oatmeal.

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

He further teases that soon, your bank might just refuse to let you link your crypto accounts. Because who needs freedom when you have a good old-fashioned bank-induced chokehold?

And just in case you thought this was all regulatory — nope — Rampell says it’s the banks themselves, not regulators, turning into the Darth Vader of finance. Well, true to form, banks are pretty good at making themselves villains.

“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

While the banking titans are busy plotting world domination, the crypto industry is like that persistent squirrel that refuses to give up on the nut. Coinbase and Robinhood are expanding wider than a politician’s promises after an election.

Coinbase is eyeing the launch of tokenized stocks and derivatives in the U.S., because apparently, they like to keep their options open. Meanwhile, Robinhood is not one to sit still, rolling out over 200 tokenized stocks and ETFs across 31 European countries — because, why not?

With a more crypto-friendly government now in charge (they’re way more fun at parties), the landscape is shifting. Despite JPMorgan’s best efforts to turn crypto into a digital ghost town, the bank’s recent announcement of a direct bank-to-wallet connection with Coinbase might suggest the tides are turning. Or maybe they just like to keep us guessing — it’s hard to tell.

One thing’s for sure: the crypto train is not slowing down, and if the banks try to block it, they might just find themselves caught in a toga with a lot of angry digital revolutionaries.

Read More

2025-08-04 11:11