The financial world is barreling toward a lobbying civil war in Washington. Cryptocurrency companies are increasingly coming to blows with banks and other Wall Street firms over Republican-led efforts to enact new rules for digital assets, creating a clash between powerful lobbying groups that is poised to come to a head next month when Congress returns from its August recess. The crypto industry has notched a series of lobbying victories since President Donald Trump returned to office earlier this year, including the first-ever legislative overhaul of digital asset regulations. Now, with Republicans on Capitol Hill preparing to pass a second, larger bill aimed at boosting the crypto market, Wall Street groups are starting to pump the brakes, warning that some crypto-friendly reforms could upend their businesses and threaten financial stability. The worry for some banks is that lenders could face deposit flight, with customers fleeing to more loosely-regulated crypto products. But the fight isn’t confined to Capitol Hill. It’s also spilling into more obscure corners of financial policy. For example, bank groups are trying to slow a push by crypto firms to secure national banking licenses. At the same time, crypto executives are lobbying the White House to preserve a ban on banks charging fees for access to customer data. Meanwhile, some traditional financial firms are warning Wall Street regulators about efforts to make stock trading look more like crypto. “Change is hard, and people — especially entrenched, successful people in organizations — are always going to shudder a little bit at the thought of a sea change,” said Dan Zinn, general counsel at OTC Markets, which operates stock trading systems. “It is absolutely waking everybody up, whether that is through a little bit of fear or a little bit of excitement.” The clash highlights how the lobbying dynamics on financial policy issues have shifted vastly in recent months as Washington has moved to embrace the crypto sector. The fervor on the right for embracing the crypto industry, which has poured hundreds of millions of dollars into Washington influence efforts in recent years, has in some cases outweighed the interests of traditional financial firms, which normally align with much of the GOP’s financial policy agenda. The lobbying fight has kicked into high gear this month as bank trade associations have called on lawmakers to retroactively amend through forthcoming legislation an already-signed crypto law that Congress adopted in July, sparking pushback from the crypto industry. (House Republicans are also pushing for retroactive changes to the measure after they opted to accept the Senate’s version of the bill.) Bankers have long been seen as skeptical of crypto. Leading industry figures including JPMorgan Chase CEO Jamie Dimon previously derided digital assets and their Washington agenda has long differed from the goals of digital asset firms. “This is a turf war that’s been going on for years, and frankly prevented us from passing any regulatory clarity up until now,” said Rep. Warren Davidson, an Ohio Republican who sits on the House Financial Services Committee and has been a longtime ally to the crypto industry. But for months, the leading trade associations representing the banking industry offered only tepid public criticism of fast-moving GOP legislation that aimed at giving regulatory legitimacy to digital assets. After Trump signed into law a major bill last month creating new rules for so-called stablecoins, a type of cryptocurrency that is pegged to the value of the dollar, they have become more vocal. Groups like the American Bankers Association are now pressing senators to make changes to the stablecoin law when they take up a second, larger crypto market structure bill next month. They want to block all crypto companies from paying yield to customers who hold stablecoins and repeal a section of the law that they say allows state-chartered uninsured depository institutions to operate nationwide without proper supervision. The concerns are especially pronounced for smaller banks, which say they could suffer from customers pulling their money out and parking it instead in crypto products like stablecoins. “It feels like there’s a move to replace us,” said Christopher Williston, president and CEO of the Independent Bankers Association of Texas, the only major bank group that came out against the stablecoin bill outright. The stablecoin bill, known as the GENIUS Act, is “a fundamental threat to bank deposits” for small lenders, Williston said, adding that the new law feels like “the thousand-and-first cut” for community banks “after 15 years of regulatory burden” imposed by reforms that followed the 2008 financial crisis. Crypto firms, which had lobbied for years for a stablecoin bill, insist the matter is settled. The GENIUS Act “is settled law,” said Summer Mersinger, CEO of the Blockchain Association, a leading industry trade group. “There was robust debate on the Hill, and the way this bill came out was a compromise from policymakers. So we really shouldn’t be trying to go back and reopen that.” Paige Pidano Paridon, executive vice president at the Bank Policy Institute, which represents large banks, said the group wanted to work collaboratively with the crypto industry to develop “clear, fair rules.” This isn’t bank vs. crypto — it’s about working together to create rules of the road that apply equally to everyone while protecting consumers and the financial system,” she said. “America’s financial system is built on trust and when your average consumer can’t distinguish between what’s safe and what’s not, risk increases, and American competitiveness suffers.” At the Securities and Exchange Commission, legacy financial players have been advocating for the Wall Street regulator to proceed cautiously as the agency considers the crypto industry’s pleas to “tokenize” U.S. stocks. Tokenization refers to the process of putting such assets onto the same blockchain technology that underpins crypto tokens like bitcoin and ether. Proponents argue tokenization will help make trading stocks faster and cheaper around the world. Yet, some like the Securities Industry and Financial Markets Association and Citadel Securities, the trading behemoth owned by GOP megadonor Ken Griffin, argue that tokenized stocks should follow the same rules as the thousands of conventional shares that trade today. Lobbyists expect the tokenization fight will play a role in the upcoming debate on Capitol Hill over a market structure bill, which would divvy up crypto oversight between market regulators. Senate Republicans have vowed to pass such a bill this fall. To be sure, the banking industry has hardly lost its influence in Washington, where the big bank CEOs still win Oval Office meetings and lenders are benefiting from Republicans’ sweeping deregulatory agenda. And some in the traditional financial industry are leaning into the promise of crypto. But, at the same time, the banking industry is navigating a political landscape that was shaped by the rush of campaign cash that crypto executives poured into the last election — and are again promising for the coming midterms. Crypto is a top policy priority for the White House and Trump, whose family is invested in various crypto ventures. Those dynamics make the industry a formidable force. At the Consumer Financial Protection Bureau, crypto executives successfully lobbied the Trump administration to back down from its effort to join with big banks to nullify a Biden-era “open banking” rule governing consumer data-sharing. The policy prohibits banks from charging for access to that data, which fintechs and crypto companies use to power their services and make it easier for customers to set up accounts and move money. After crypto executives teamed up with fintechs to intervene, the CFPB is now going back to the drawing table on the rule — instead of gutting it entirely. “Banks are still respected,” Davidson said, adding that Republicans have worked with the industry to roll back some post-2008 regulations. “But frankly, there are other aspects that banks have really enjoyed, benefits that have shielded them in a lot of ways from the market.”

DAVOS, Switzerland — They train, plane, limo and helicopter into Davos every January for the World Economic Forum. Their status is denoted by the color of their badge (or — cringe — the absence of one), their mode of transportation to the Magic Mountain — and whether they’ve managed to get on the guest list for Anthony “the Mooch” Scaramucci’s wine tasting evening or the celeb-studded Salesforce party. Ostensibly, they’re all here to discuss “Collaboration for the Intelligent Age” — the theme for this year’s forum. But everyone knows the real reason the likes of Microsoft founder Bill Gates, Bank of America CEO Brian Moynihan, IBM Vice Chairman Gary Cohn, ECB chief Christine Lagarde and Britain’s Princess Beatrice make the shlep: It’s a chance to be among their people. So what are the 11 tribes of Davos, and where do you fit in? The 1 percent of the 1-percenters: Badge? White. Transport? Helicopter. Food? Breakfast at the Belvedere, lunch at the Congress Center, dinner at Chesa … cocktails? As if they’re telling you where. This is the crème de la crème of the Davos set, the CEOs and presidents who don’t need to make their own reservations or get their own invitations. They just float in and float out again (perhaps via a ski piste). The bag carriers: The green-badged brigade making those reservations and getting those invitations on behalf of the 1-percenters. This year, they’ll be working twice as hard — because the WEF has cracked down on how many of them can come. But while their bosses dine on Champagne and caviar, they’re more likely to be scarfing down some cheese from a vending machine. The elite anti-elitists: They hate the WEF and everything it stands for — and they made quite the effort getting to Davos to tell you all about it. | Fabrice Coffrini/AFP via Getty Images The second fiddles: These are the ministers who will take a private car to the mountain, dine at the Steakhouse Ochsen — and ask a Salesforce lackey whether they can bag an invite to the hottest party in town. They’ll end up at Barry’s Piano Bar like the rest of us. The glitterati: David Beckham, will.i.am, Sting — what exactly do they know about economics or high politics? That part’s unclear. But get one of them to show up at your party, and it’s guaranteed to go off. The do-gooders: The Greta Thunbergs of the Davos set. In between speaking engagements, they’re nibbling spirulina and mountain hemp at the Atelier Vert, drinking kombucha and refusing the merch. Probably hiked to Davos. AI evangelists: AI is either going to revolutionize the future, solve all our problems and make us all richer and happier … or it’s going to destroy the world and enslave humanity. Either way, the AI evangelists really, really, really want to tell you about it over brewskies at the Hard Rock. The blockchain bros: These crypto kings are here to help you unlock the future of finance — whether you want to or not. They had their moment in the sun, got replaced by AI boosters … but with Donald Trump in the White House again, they’re back with a vengeance. No badge? No bother! They’re here for the sideshow. The rogues: Russians may no longer be welcome at Davos, but there are plenty of other autocrats, oligarchs and vice-peddlers on the promenade. No one wants to be associated with them — but they’ll still sip their cardamon-laced hot chocolates and indulge in their exotic ice cream flavors. The elite anti-elitists: They hate the WEF and everything it stands for — and they made quite the effort getting to Davos to tell you all about it. The blue crew: The WEF staffers who keep the place running (and enforce the strict badge hierarchy, should any lowly hotel-badge-holders try to cross the threshold into the promised land). The press: Ah, the not-so-glamorous orange-badged set. They caught the train to the mountain and eat their meals from the media center or one of the Coop supermarket cafeterias. These poor schmucks are just trying to squeeze out a few scoops despite being NFI at the most exclusive parties and houses. Thoughts and prayers.

LONDON — A new HBO documentary claims to have cracked the true identity of the pseudonymous creator of Bitcoin, Satoshi Nakamoto.  If its findings are widely accepted, the disclosure could send shockwaves through world financial markets and even the U.S. presidential election, given the way Republican candidate and former President Donald Trump has cultivated the support of Bitcoin enthusiasts. The documentary is the latest work of Emmy-nominated Cullen Hoback, who drew critical acclaim for his series “Q: Into the Storm” that exposed the authors of the QAnon conspiracy theory. The big reveal is set to air next Wednesday at 2 a.m. CET (Tuesday at 9 p.m. EST). Bitcoin has become the financial phenomenon of the internet age. Since its creation in 2009, the censorship-resistant cryptocurrency, which exists on a decentralized ledger called the blockchain, has become a store of value for those convinced that traditional money is being systematically debased; a vehicle of speculation for those who feel excluded from regular financial markets; and, critically, a popular means of payment for illegal products and services, such as narcotics, cyber-fraud and contract killings. Supported by vocal advocates like Tesla and SpaceX CEO Elon Musk, it has grown into a trillion-dollar asset class, acquiring such scale that even central banks have had to address it as a potential challenger to their own systems. As such, the exposure of Satoshi as its alleged creator threatens to raise some huge questions, not least his potential complicity in crimes that have featured Bitcoin use. It could also establish him as one of the world’s richest people: Satoshi himself is estimated to control about 1.1 million Bitcoin, but it’s unclear if he still has access to the cryptographic keys to the fortune. If he did, this would put his net worth at $66 billion at current valuations. Intriguingly, as the date for the airing of the documentary has drawn near, a number of high-value wallets from the “Satoshi era” have become active for the first time since 2009. According to Bitcoin Magazine, around 250 bitcoins — worth approximately $15 million at Thursday’s bitcoin rate of $60,754 to the dollar — were drained from wallets in the past two weeks. While the coins are not officially linked to wallets used by Satoshi Nakamoto, they have been dormant since the earliest days of Bitcoin, when the cryptocurrency was worth almost nothing. The wallets’ creators would certainly have been Satoshi’s earliest collaborators. Satoshi Nakamoto’s true identity remains one of the biggest mysteries of recent years. After publishing the Bitcoin white paper on Oct. 31, 2008, someone operating under the pseudonym Satoshi Nakamoto — working mostly through message boards and email — helped the challenger system to achieve prominence by rallying support from a group of oddball cryptography and coding experts, loosely known as the cypherpunks. In 2010, that same person disappeared from the scene, never to be heard of again. His last public communication was related to the whistleblower site Wikileaks. The message read: “WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us … I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.” In the years since, many have tried to crack the Satoshi riddle and failed — the first high-profile attempt being that of journalist Leah McGrath Goodman in 2014. She identified Japanese-American Dorian Nakamoto as a suspect, but he denied the assertion, while others in the community remained unconvinced by her reporting. In 2016, Australian cryptographer Craig Steven Wright stepped forward to claim the title, having been reluctantly doxxed as Satoshi in documents leaked to the press the year before. | Daniel Leal/AFP via Getty Images In 2016, Australian cryptographer Craig Steven Wright stepped forward to claim the title, having been reluctantly doxxed as Satoshi in documents leaked to the press the year before. Despite being endorsed by some high-profile early community members, his campaign to convince the world he was the creator of Bitcoin was torpedoed at the last minute when he inexplicably failed to provide his promised proof. His aggressive pursuit of anyone who questioned him with lawsuits also added doubt to the claims. Subsequent trials completed Wright’s undoing. In March this year a British High Court judge ruled that Wright was not Satoshi Nakamoto. The self-declared savant — who had been bankrolled in his cases by gambling tycoon Calvin Ayre — is now facing perjury charges. THE UNUSUAL SUSPECTS Among those most commonly suspected to be Satoshi are the late software engineer Hal Finney, systems engineer Dorian Nakamoto, computer scientist Nick Szabo and Hashcash inventor Adam Back. But many in the Bitcoin community reject attempts to identify Satoshi, arguing the importance of his right to privacy. They argue that without associated proof — critically, the transfer of coins from a known Satoshi wallet — all claims are merely speculative. “For years, there’s been endless speculation about the true identity of Satoshi Nakamoto, both in print and in media,” said Peter McCormack, a Bitcoin podcaster who had been sued for questioning Craig Wright’s claims. “Yet, until someone signs the private keys linked to Satoshi’s addresses, all of this remains mere conjecture. “Satoshi gave the world a profound gift in Bitcoin,” he continued, “but deliberately chose to remain anonymous — a decision that must be respected. Efforts to unmask them are not just irresponsible but potentially dangerous.”