Industry experts have raised concerns about the tactics allegedly employed by US banks to stifle the growth of major crypto platforms such as Coinbase and Robinhood.
Alex Rampell, General Partner at Andreessen Horowitz (a16z), expressed his concerns in a newsletter on July 31.
US Banks Accused of Leading Operation Chokepoint 3.0
Rampell pointed out that banks, including industry giants like JPMorgan, may be deliberately inflating transaction fees. According to him, these institutions are also limiting banking access to undermine the crypto sector.
He explained that a $10 fee on a $100 transfer into a crypto account could dissuade many users from proceeding.
“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,” he stated.
He also…
