The fight over US crypto legislation is turning into a direct clash between digital asset companies and one of Washington’s oldest powerhouses. In an interview with Pete Rizzo, Satoshi Action Fund founder and CEO Dennis Porter said the banking industry is preparing a nine-figure lobbying push that could complicate efforts to advance market structure legislation and stablecoin regulations.
DC Crypto’s outlook just got darker
Porter said the real debate is not just whether Congress wants to regulate crypto, but on whose terms. Porter noted that President Donald Trump has publicly supported keeping the GENIUS Act, which he described as a positive sign for crypto companies. But he argued that the White House’s support would not resolve a deeper rift with banks, particularly around stablecoins and the issue of bonus programs, which banks see as a threat to deposits.
“The bank lobby has come out and said they plan to spend to counter the crypto industry,” Porter said. “They said they’re going to raise nine figures, which is on top of Fairshake’s figure. So it’s going to create a balance where they’re basically going to sort themselves into an ecosystem and absorb some of those legislators.”
This is important because, according to Porter, crypto is entering the fray without a fresh political foundation. He said Democrats have become more cautious about digital asset legislation because the Trump family’s involvement in the sector has raised ethical concerns among both lawmakers and voters.
At the same time, he described the market structure as a much broader and politically difficult package than the stablecoin legislation, as it not only concerns the questions of securities versus commodities, but also DeFi, illegal finance, ethics regulations and the structure of the CFTC.
Porter argued that this would expose the legislation to a broader set of objections and delays. He said there is still a way forward if key Democrats agree with the revisions, but added that the bill currently lacks a strong enforcement mechanism and has been shelved while lawmakers focus on the housing package.
According to him, the bank-crypto conflict could become especially dangerous if it turns into an open lobbying war. “If we get into a situation where they’re lobbying directly against each other, you’re going to see not only the Democrats pulling the bill, but possibly even the Republicans pulling the bill,” Porter said. “The vote in the Senate is already tight, very tight.”
His argument was fair: banks bring not only money, but also strong local influence. Unlike many cryptos, Porter said, banks can point to branches, jobs and long-standing relationships in legislative districts. This advantage becomes even more important at a time when, according to his own account, the industry is struggling with political pressure.
“And also, crypto is not popular right now,” Porter said. “Public trust in the crypto space is at an all-time low. Something we at Satoshi Action are deeply concerned about. Something that definitely needs some work.”
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Porter cited this weakness as both a political problem and a political argument. According to him, one goal of the market structure legislation is to clean up the “bloodless” and frauds that have damaged the reputation of the industry. But until lawmakers see a clearer consumer and political upswing, he suggested crypto companies may have trouble overcoming resistance from incumbents who see stablecoins as an existential threat to their business model.
He was especially careful in his timing. While some analysts argue that the window is effectively closed by the summer, Porter said the likelihood will decrease as the midterms approach, but not disappear entirely. His broader point was that the legislative calendar is shaped by the incentives of elections and the text of laws themselves.
At press time, the total crypto market cap was $2.34 trillion.
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