Leading partner at Andreessen Horowitz Alex Rampell shared concerns about increasing pressure on the cryptocurrency and fintech sectors from major banks.
Measures Against Financial Competition
Alex Rampell expressed concern that major U.S. banks, despite the end of the anti-crypto initiative 'Operation Chokepoint 2.0' under the Biden administration, have launched their own version called 'Operation Chokepoint 3.0'.
Criticism of High Transaction Fees
Rampell noted that banks are charging excessively high transaction fees, restricting data access, and even blocking some apps. He emphasized that these actions, particularly from JPMorgan, are aimed at reducing competition with companies like Coinbase and Robinhood.
Consumer Rights in the Financial Sector
Rampell also reminded that Section 1033 of the Dodd-Frank Act guarantees consumers' right to access their financial data. He noted that the Consumer Financial Protection Bureau (CFPB) is responsible for enforcing this law. In particular, he criticized high fees for sharing simple banking information, which increases consumers' dependence on large banks.
Rampell's statements emphasize the growing concern regarding the methods used by large banks and their impact on consumers and smaller financial institutions.
