The Senate strives to finalize the cryptocurrency market bill before the holiday recess

Senators are trying to resolve key points of contention in the regulatory cryptocurrency industry legislation during the last few working days of the year, in hopes of pushing the bill out of committee after months of negotiations. Although Democratic colleagues are still seeking to amend the draft text, and with only a few days left before lawmakers head out for the holidays, Republicans are still pushing to review and amend the cryptocurrency market structure legislation next week.

A person familiar with the market structure legislative process stated, "Time is of the essence. Realistically, there are only about 48 hours to determine whether this bill can move forward next week." The main proponent of cryptocurrency legislation, Senator Cynthia Lummis (Republican from Wyoming), stated on Tuesday that her goal is to release an updated draft that she believes is "our best result so far" by the end of this week, and to review and amend the bill next week.

She said at the Blockchain Association policy summit, "I think we are at a stage now where it is best to put forth a proposal, review and amend it next week, and then let everyone take a breather over the Christmas holiday."