Lummis pushes for encryption legislation, hoping to deliver it to the President's desk by the end of the year.

On August 21, U.S. crypto-friendly Senator and Bitcoin bill creator Cynthia Lummis plans to push a cryptocurrency market structure bill through by the end of the year, which she detailed during a blockchain seminar in Wyoming 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 in hopes of making progress within the committee. Meanwhile, the House passed a market structure bill last month titled 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 legislation," Lummis said. "We will try to retain the amendments regarding stablecoin legislation that the House wishes to include, as well as the content they put into the CLARITY Act. We hope to respect the work of the House as much as possible."