The U.S. Senate version of the crypto market structure bill is expected to be released this week, with hearings and a vote scheduled for next week.

PANews reported on December 10th, citing The Block, that New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis spoke at the Blockchain Association Policy Summit in Washington, D.C. on Tuesday, detailing the progress lawmakers are making in pushing for a comprehensive regulatory bill for the cryptocurrency industry (i.e., the Crypto Market Structure Act). Gillibrand revealed that negotiations between Democrats and Republicans on the crypto bill have been ongoing, with the first bipartisan meeting last week progressing smoothly and no factors hindering its advancement. On Monday evening, after a meeting with Democrats, she presented her final requests to Republican staff for inclusion in the bill, stating that these requests had been submitted. She also mentioned that she and Lummis, among others, would further discuss some of the requests and expressed great optimism that the final bill would be comprehensive, as the House has not addressed all the issues in its draft bill, such as how to regulate decentralized finance exchanges.

As a member of the Senate Banking Committee, Lummis stated that the current goal is to share the draft bill this weekend, hold hearings next week to revise the bill, and then vote on it. She also mentioned that negotiations have extended to the White House level; while Democrats and Republicans are negotiating, they are also working with industry and the White House, like a three-dimensional chess game. Furthermore, Lummis stated that she negotiated the ethics clause with Democratic Senator Ruben Gallego and sent the terms to the White House, but the White House returned the terms, saying they could be improved. She plans to try communicating with the White House again.