The US crypto legal battle is turning into a direct conflict 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 to lobby for nine candidates that could complicate efforts to advance both market structure rules and stablecoin rules.
Crypto’s DC Outlook Just Got Dark
Porter said the main dispute is no longer just whether Congress wants to regulate crypto, but on whose terms. President Donald Trump has publicly supported keeping the GENIUS Act intact, Porter noted, which he described as a good sign for crypto firms. But he asserted that support from the White House does not resolve deep differences with banks, particularly over stablecoins and the issue of rewards programs that banks see as a threat to investment.
“The banking lobby has come out and said they plan to spend to fight the crypto industry,” Porter said. “They said they raised nine figures, which is Fairshake’s number. So that creates that conflict where they can’t commit to the ecosystem and start removing some of these lawmakers.”
That’s important because, according to Porter, crypto is entering the war without a clean political background. He said Democrats have grown increasingly wary of digital assets legislation as the Trump family’s involvement in the industry has raised ethical concerns among lawmakers and voters.
At the same time, he described the market structure as a more expansive and politically difficult package than the stablecoin law, because it affects not only questions of security against assets but also DeFi, illegal finance, ethical provisions and the structure of the CFTC.
Porter argued that this leaves the law exposed to a wide set of objections and delays. He said there is still a way forward if key Democrats are comfortable with revisions, but added that the bill currently lacks a definitive enforcement mechanism and has been shelved while lawmakers focus on the housing package.
The crypto-banking situation, he suggested, could be particularly dangerous if it turns into an open lobbying battle. “If we end up in a situation where they are lobbying each other, you don’t see that only the Democrats will pass this bill, but it is possible that the Republicans will also pass this bill,” said Porter. “The vote is tight in the Senate, very tight.”
His reasoning was straightforward: banks bring not only money, but concentrated local influence. Unlike most cryptos, Porter said, banks can identify branches, operations and long-standing relationships with legislators’ districts. That benefit is even more important at a time when, by his account, the industry is struggling politically.
“And again, crypto is not really popular right now,” Porter said. “Public trust in the crypto space is at an all-time low. Something we are very concerned about at Satoshi Action. Something that really needs some work.”
JUST OUT: DENNIS PORTER SAYS THINGS COULD BE MUCH WORSE #BITCOIN AND CRYPTO MARKET BUILDING IN DC
BIG BANKS PLAN TO SPEND $100,000,000+ ON “BIG” LAWSUITS
“CRYPTO IS NOT POPULAR”
“PUBLIC TRUST IS AT AN ALL TIME LOW” pic.twitter.com/TIghOwbi7x
– Bitcoin Historian (@pete_rizzo_) March 10, 2026
Porter framed that weakness as both a political problem and a policy contradiction. According to him, the sole purpose of the market structure law is to clean up the “fraud” and scams that have destroyed the reputation of the sector. But until lawmakers see a clear consumer and politics, he suggested that crypto firms may have trouble overcoming opposition from executives who see stablecoins as a threat to their business model.
He was very careful on time. While some analysts have argued that the window is effectively closing in the summer, Porter said the negatives are diminishing as the midterms approach but not disappearing entirely. His broader point was that the legislative calendar is largely shaped by election motivations and the text of the bills themselves.
At the time of publication, the total crypto market stood at $2.34 trillion.
The featured image was created with DALL.E, a chart from TradingView.com
Planning process because bitcoinist focuses on delivering well-researched, accurate, and unbiased content. We maintain strict sourcing standards, and each page is diligently reviewed by our team of senior technical experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
