According to Andreessen Horowitz (a16z) partners, large U.S. banks are no longer relying on direct shutdowns to pressure crypto and fintech firms. Instead, they’re introducing steep data-access fees, slowing transfers, and selectively cutting off services to platforms they view as competition.
JPMorgan’s new pricing model for data aggregators has become a flashpoint. The fees, set to take effect later this year, could hit a range of fintechs and crypto-linked services, from Venmo to Coinbase.
Critics warn the costs may be passed on to consumers or force smaller firms to scale back.
Ripple CTO David Schwartz has labeled the approach “indirect regulation” and “a despicable evil,” likening it to the pressure tactics seen in earlier chokepoint operations.
The renewed friction comes just as the Trump administration is pushing a pro-crypto agenda. Its “Golden Age of Crypto” plan aims to encourage innovation and attract institutional capital back to U.S. markets.
Yet, with banking giants tightening the screws through policy changes, the path toward broader integration of crypto into traditional finance may be bumpier than expected.
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