Wall Street is reported to be brewing "Blockade Action 3.0"? a16z partner accuses big banks of stifling mainstream encryption platforms with high fees.

Andreesen Horowitz's (a16z) general partner Alex Rampell recently made a bombshell accusation, stating that large U.S. banks led by JPMorgan are secretly promoting "Operation Chokepoint 3.0" to systematically suppress mainstream CEXs in the U.S., such as Robinhood and other Crypto Assets and fintech platforms, by setting exorbitant fees and restricting account connectivity. This move could impose millions of dollars in additional costs on consumers and hinder the proliferation of Crypto Assets. Despite facing a crackdown from TradFi, these CEXs and Robinhood are still accelerating the expansion of their tokenized asset landscape globally, and the shift in regulatory winds along with the thawing signals of cooperation with banks also bring new variables to the industry.

[Accusations escalate: Banks accused of implementing "Blockade Action 3.0"] On July 31, a16z partner Lampert revealed in a sharply worded open letter that traditional financial institutions are using unfair means to obstruct the adoption of Crypto Assets. He pointed out that the American banking industry is quietly implementing "Blockade Action 3.0," with core strategies including:

• Imposing exorbitant fees: Charging "crazy high fees" for fund transfers or data access connected to Crypto/FinTech applications.
• Selective ban on platforms: Block crypto assets and financial technology applications that are not recognized. Ramper warned that this move is aimed at stifling competition rather than generating revenue, and hinted that this model originates from the "Block Action 2.0" during the Biden administration's crackdown on the encryption industry, but the current pressure comes directly from within the banking system.

【JPMorgan Takes Center Stage: High Fees Suspected of Stifling Competition】 Lumpel uses JPMorgan as a primary example, pointing out that the bank has recently begun charging client data access fees to fintech applications. Such policies will result in platforms relying on bank data services (especially emerging crypto companies) incurring hundreds of millions of dollars in additional operational costs each year. He warns with an example:

"If transferring $100 to the CEX or Robinhood account suddenly incurs a $10 fee, user enthusiasm will inevitably be dampened. When obtaining low-cost loans from fintech companies comes with an additional $10 fee, users may be forced to choose the inferior loans offered by JPMorgan Chase." He further predicts that banks may take more aggressive measures, such as a complete ban on users linking their bank accounts to crypto platforms, forcing consumers back to TradFi services. Lamperle emphasized that JPMorgan, as an $800 billion market cap giant, has an industry demonstration effect: "If they succeed, all banks will follow suit."

[The Crypto Industry's Strong Counterattack: Global Expansion and Favorable Regulations in Parallel] Despite facing resistance from TradFi, leading Crypto Assets trading platforms are still expanding against the trend:

• Mainstream CEX: It is reported that they are evaluating the launch of tokenized stocks and derivatives trading in the United States to broaden the compliant asset track.
• Robinhood: Accelerates its European expansion, launching over 200 types of tokenized stocks and ETFs in 31 countries, seizing the on-chain traditional asset market. At the same time, the relatively friendly regulatory shift of the new U.S. government has formed a favorable policy trend. Ironically, just the day after Lamper issued the warning (July 30), JPMorgan announced a bank account direct connection cryptocurrency wallet service with the CEX, which was interpreted by the market as a signal of thawing relations between TradFi and the crypto ecosystem.

Conclusion: a16z's accusations have brought the secret game between traditional banks and the crypto industry to the forefront. If "Operation Blockade 3.0" is substantiated, it may exacerbate the challenges of crypto deposit and withdrawal and data acquisition costs. However, the global expansion pace of mainstream CEX platforms, the innovative breakthroughs in tokenized assets, and the subtle signals released through JPMorgan's collaboration with this CEX all indicate that the crypto industry possesses the capital to engage with the traditional financial system. Under the dual influence of improved regulatory environments and user demand, whether the high-wall strategy of the banking system can truly delay the wave of fintech disrupting tradition remains to be tested by the market. This competition regarding the future dominance of financial infrastructure has already entered deep waters.