{"id":75901,"date":"2026-03-11T16:01:38","date_gmt":"2026-03-11T16:01:38","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=75901"},"modified":"2026-03-11T16:01:38","modified_gmt":"2026-03-11T16:01:38","slug":"banks-prepare-to-spend-100-million-to-stop-crypto-bills-expert-warns","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=75901","title":{"rendered":"Banks Prepare To Spend $100 Million+ To Stop Crypto Bills, Expert Warns"},"content":{"rendered":"
\n

The fight over US crypto legislation is turning into a direct clash between digital-asset firms and one of Washington\u2019s oldest power centers. 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 both market structure legislation and stablecoin rules.<\/p>\n

Crypto\u2019s D.C. Outlook Just Got Darker<\/h2>\n

Porter said<\/a> the core dispute is no longer just about whether Congress wants to regulate crypto, but on whose terms. President Donald Trump has publicly backed keeping the GENIUS Act<\/a> intact, Porter noted, which he described as a positive sign for crypto firms. But he argued that support from the White House does not resolve the deeper standoff with banks, especially around stablecoins and the issue of rewards programs that banks view as a threat to deposits.<\/p>\n

\u201cThe bank lobby has come out<\/a> and said that they do plan to spend to counteract the crypto industry,\u201d Porter said. \u201cThey said they\u2019re raising nine figures, which is right up there with the Fairshake number. So that does create that counterbalance where they can essentially assert themselves into the ecosystem and start to peel some of these lawmakers off.\u201d<\/p>\n

That matters because, in Porter\u2019s telling, crypto is entering the fight without a clean political backdrop. He said Democrats have grown more cautious around digital-asset legislation as Trump family involvement<\/a> in the sector has raised ethics concerns among both lawmakers and voters.<\/p>\n

At the same time, he described market structure as a far more expansive and politically difficult package than stablecoin legislation, since it touches not only securities-versus-commodities questions but also DeFi, illicit finance, ethics provisions and the makeup of the CFTC.<\/p>\n

Porter argued that this leaves the legislation exposed to a wider set of objections and delays. He said there is still a path forward if key Democrats become comfortable with revisions, but added that the bill currently lacks a decisive forcing mechanism and has been pushed aside while lawmakers focus on a housing package.<\/p>\n

The bank-crypto standoff, he suggested, could become especially dangerous if it turns into an open lobbying war. \u201cIf we end up in a situation where they\u2019re directly lobbying against each other, you could see a lot of not just Democrats peel off this bill, but even possibly Republicans peel off this bill as well,\u201d Porter said. \u201cThe vote is already tight in the Senate, very tight.\u201d<\/p>\n

His reasoning was straightforward: banks bring not just money, but entrenched local influence. Unlike much of crypto, Porter said, banks can point to branches, jobs and long-standing relationships in lawmakers\u2019 districts. That advantage becomes even more important at a time when, by his own account, the industry is struggling politically.<\/p>\n

\u201cAnd also, crypto really is not popular right now,\u201d Porter said. \u201cPublic trust in the crypto space is at an all-time low. Something that we\u2019re deeply concerned about at Satoshi Action. Something that definitely needs some work.\u201d<\/p>\n

\n

JUST IN: DENNIS PORTER JUST SAID THINGS COULD GET MUCH WORSE FOR #BITCOIN<\/a> AND CRYPTO MARKET STRUCTURE IN DC<\/p>\n

BIG BANKS ARE PLOTTING TO SPEND $100,000,000+ TO \u201cAGGRESSIVELY\u201d LOBBY LAWMAKERS<\/p>\n

\u201cCRYPTO IS NOT POPULAR\u201d<\/p>\n

\u201cPUBLIC TRUST IS AT AN ALL-TIME LOW\u201d pic.twitter.com\/TIghOwbi7x<\/a><\/p>\n

\u2014 The Bitcoin Historian (@pete_rizzo_) March 10, 2026<\/a><\/p>\n<\/blockquote>\n

Porter framed that weakness as both a political problem and a policy argument. In his view, one purpose of market structure legislation is precisely to clean out the \u201ccrap\u201d and scams that have damaged the sector\u2019s reputation. But until lawmakers see a clearer consumer and political upside, he suggested, crypto firms may have trouble overcoming resistance from incumbents that view stablecoins as an existential threat to their business model.<\/p>\n

He was notably cautious on timing. While some analysts have argued the window effectively closes by summer, Porter said the odds decline as the midterms approach but do not disappear entirely. His broader point was that the legislative calendar is being shaped as much by electoral incentives as by the text of the bills themselves.<\/p>\n

At press time, the total crypto market cap stood at $2.34 trillion.<\/p>\n

\"Total<\/div>\n","protected":false},"excerpt":{"rendered":"

The fight over US crypto legislation is turning into a direct clash between digital-asset firms and one of Washington\u2019s oldest power centers. 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 both market structure […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-75901","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/75901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75901"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/75901\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}