U.S. Senate pushes to finalize cryptocurrency market legislation before holiday recess

On December 11, according to thehill, senators are trying to resolve key disagreements in cryptocurrency regulation legislation during the last few working days of this year, in hopes of advancing the bill out of committee after months of negotiations. Although Democratic colleagues are still seeking amendments to the draft text, and legislators have only a few days left before heading out of town for the holidays, Republicans are still pushing to review and amend cryptocurrency market structure legislation next week. An industry insider familiar with the market structure legislation process said, “Time is tight. Realistically, there are only about 48 hours to determine whether this bill can move forward next week.” The main advocate of cryptocurrency legislation, Senator Cynthia Lummis (R-WY), stated on Tuesday that her goal is to release an update draft she considers “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 now at the stage where it’s best to produce a proposal, review and amend it next week, then allow everyone to take a short break during the Christmas holidays.”