The crypto lobby faces a crucial test of its influence apparatus this week when senators on one of Congress’ most-powerful committees debate a bill with significant ramifications for the future of the nascent industry.

Senators on the Banking panel are set to debate Thursday a heavily lobbied crypto regulatory structure bill that pits the upstart industry against long-standing, big-money opponents from banks and labor unions, as well as consumer groups.

Adam Kovacevich, CEO of the left-leaning tech policy group Chamber of Progress, described this week as “the big enchilada for crypto policy.”

“It’s been the challenge that bedeviled Congress for …