The U.S. Senate is striving to finalize the cryptocurrency market legislation before the holiday recess.

BlockBeats News, December 11th, according to thehill report, senators are trying to resolve key points of contention in cryptocurrency industry regulation legislation in the final few weeks of the year, in hopes of advancing the bill out of committee after months of negotiation. Despite Democratic colleagues still seeking modifications to the draft text and lawmakers having only a few days left in town before the holiday break, Republicans are still pushing for revisions to cryptocurrency market structure legislation next week.

An industry source familiar with the market structure legislation process said, "Time is of the essence. I think realistically, there's only about 48 hours to assess whether this bill can move forward next week."

The primary advocate for cryptocurrency legislation, Senator Cynthia Lummis (R-Wyo.), said Tuesday that her goal is to release an updated draft by this weekend that she believes is "our best work to date" and to have the bill considered for revisions next week. Speaking at the Blockchain Association's policy summit, she said, "I think we're at the point now where it would be best to have a proposal out, have the markup next week, and then let everybody breathe a sigh of relief over the Christmas holiday."