The Senate is still ironing out its version of regulatory oversight for crypto and digital assets , but it's another step closer.

Senators on Friday updated the draft of a major market structure crypto bill with a new provision that would keep stocks and other securities from being treated as commodities if they were tokenized as digital assets and crypto.

"We want this on the president's desk before the end of the year," Sen. Cynthia Lummis, R-Wyo., told CNBC on Thursday.

The House and Senate passed a major stablecoin bill over the summer, which President Donald Trump signed into law in July.

But the real prize for many crypto companies like Coinbase and Ripple is the market structure bill.

The House passed its bill in July, but the Senate is working on its own

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