U.S. Senator Lummis pushes for encryption bill to reach the President's desk by the end of the year.

On August 21, U.S. crypto-friendly Senator and Bitcoin bill author Cynthia Lummis plans to push a Crypto Assets market structure bill through before the end of the year, detailing the plan for the bill at a Wyoming Blockchain seminar on Wednesday. Lummis stated, "We will get the market structure bill to the president's desk by the end of the year. I hope to do it before Thanksgiving, so that is our goal."

Previously, Lummis, Bill Hagerty, Bernie Moreno, and Senate Banking Committee Chairman Tim Scott released a discussion draft of a broader Crypto Assets market structure bill last month, setting a self-imposed deadline of September 30, hoping to make progress within the committee. Meanwhile, the House passed a market structure bill last month called the Digital Asset Market Clarity Act, which differs from the Senate Banking Committee's version.

Lummis said on Wednesday that the Senate is "very chaotic" procedurally.

"We believe we will use the House's CLARITY Act as the foundational bill," Lummis said. "We will try to retain the amendments regarding stablecoin legislation that the House wishes to add, as well as the content they have included in the CLARITY Act. We hope to respect the work of the House as much as possible."