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The Democratic Senate Caucus recently resumed negotiations on the Cryptocurrency Market Structure Act. According to informed sources close to the negotiations, the parties held a conference call where lawmakers and representatives from the crypto industry discussed strategies for the next steps. The originally scheduled first round of voting was suddenly paused, which sparked market speculation. The Democratic Party then issued a statement emphasizing their continued commitment to advancing the bill. The draft version of the bill released this week has already elicited responses within the industry—some supporting, some expressing concerns. How this bill ultimately takes shape will determine the future regulatory direction of the entire crypto market and is worth ongoing attention.