Industry experts have raised concerns about tactics that allegedly used by American banks to stifle the growth of main cryptographic platforms such as Coinbase and Robinhood.
Alex Rampell, general partner at Andreessen Horowitz (A16Z), expressed his concerns in a newsletter on July 31.
American banks accused of the head operation Chokepoint 3.0
Rampell stressed that banks, including industry giants like JPMorgan, can deliberately inflate the transaction costs. According to him, these institutions also limit bank access to undermine the cryptography sector.
He explained that costs of $ 10 on a transfer of $ 100 in a cryptographic account could dissuade many users from proceeding.
“If it suddenly costs $ 10 to move $ 100 in a Coinbase or Robinhood account, maybe fewer people will do it. Or if it costs $ 10 to get a cheaper loan from a finish, you may be forced to take a JPM more striker,” he said.
He also pointed out that banks could go so far as to prevent consumers from linking their bank accounts to Crypto or Fintech services. This would force them to remain dependent on traditional financial products.
Rampell compared these actions to the controversy “Operation Chokepoint”, an initiative of the Biden era which aimed to restrict businesses to the crypto.
However, this time, he argues, the initiative seems to be motivated by the banks themselves.
“Jpmorganchase is a company of $ 800 billion. Do not be mistaken: it is not a new source of income. It is a question of strangling the competition. And if they get out, each bank will follow,” said Rampell.
In particular, Tyler Winklevoss, co-founder of Gemini, previously echoed these concerns and warned that banks were actively working to undermine the cryptography industry.
He also revealed that his criticisms led JPMorgan to interrupt his efforts to rebuild banking relations with Gemini.
Despite these efforts to limit the growth of the cryptographic industry, platforms like Coinbase and Robinhood continue to develop.
Coinbase plans to introduce token actions, prediction markets and derivatives for American customers, signaling its ambition to become a full -fledged financial exchange.
Meanwhile, Robinhood extends its services to more than 200 actions and token ETF in 31 European countries. The platform offers negotiation and dividend support without commission to attract users to these regions.
The American regulatory environment also remains favorable to the crypto, the Securities and Exchange Commission (SEC) recently unveiled a range of pro-Crypto regulations.
These developments suggest that industry can still have room to develop, despite the continuous challenges of traditional financial institutions.
Non-liability clause
In membership of the Trust project guidelines, Beincrypto has embarked on transparent impartial reports. This press article aims to provide precise and timely information. However, readers are invited to check the facts independently and consult a professional before making decisions according to this content. Please note that our terms and conditions, our privacy policy and our non-responsibility clauses have been updated.
