diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1f343d56bd..baac868be4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,7 @@
 # Changelog
 
+## 0.7.0 (TBD)
+
 ## 0.6.1 (2023-06-29)
 
 - Fixed `no-std` compilation for `miden-core`, `miden-assembly`, and `miden-processor` crates.
diff --git a/README.md b/README.md
index 18969dd9ba..5b726873a3 100644
--- a/README.md
+++ b/README.md
@@ -16,7 +16,7 @@ Miden VM is a zero-knowledge virtual machine written in Rust. For any program ex
 * If you'd like to learn more about STARKs, check out the [references](#references) section.
 
 ### Status and features
-Miden VM is currently on release v0.6. In this release, most of the core features of the VM have been stabilized, and most of the STARK proof generation has been implemented. While we expect to keep making changes to the VM internals, the external interfaces should remain relatively stable, and we will do our best to minimize the amount of breaking changes going forward.
+Miden VM is currently on release v0.7. In this release, most of the core features of the VM have been stabilized, and most of the STARK proof generation has been implemented. While we expect to keep making changes to the VM internals, the external interfaces should remain relatively stable, and we will do our best to minimize the amount of breaking changes going forward.
 
 The next version of the VM is being developed in the [next](https://github.com/0xPolygonMiden/miden-vm/tree/next) branch. There is also a documentation for the latest features and changes in the next branch [documentation next branch](https://0xpolygonmiden.github.io/miden-vm/intro/main.html).
 
diff --git a/air/Cargo.toml b/air/Cargo.toml
index 10d925d5e4..864f98aaf6 100644
--- a/air/Cargo.toml
+++ b/air/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-air"
-version = "0.6.0"
+version = "0.7.0"
 description = "Algebraic intermediate representation of Miden VM processor"
 authors = ["miden contributors"]
 readme = "README.md"
@@ -28,7 +28,7 @@ default = ["std"]
 std = ["vm-core/std", "winter-air/std"]
 
 [dependencies]
-vm-core = { package = "miden-core", path = "../core", version = "0.6", default-features = false }
+vm-core = { package = "miden-core", path = "../core", version = "0.7", default-features = false }
 winter-air = { package = "winter-air", version = "0.6", default-features = false }
 
 [dev-dependencies]
diff --git a/assembly/Cargo.toml b/assembly/Cargo.toml
index 26aa4d1486..92a963a48c 100644
--- a/assembly/Cargo.toml
+++ b/assembly/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-assembly"
-version = "0.6.1"
+version = "0.7.0"
 description = "Miden VM assembly language"
 authors = ["miden contributors"]
 readme = "README.md"
@@ -21,4 +21,4 @@ std = ["vm-core/std"]
 
 [dependencies]
 num_enum = "0.6.1"
-vm-core = { package = "miden-core", path = "../core", version = "0.6", default-features = false }
+vm-core = { package = "miden-core", path = "../core", version = "0.7", default-features = false }
diff --git a/core/Cargo.toml b/core/Cargo.toml
index 24f3dc853d..c5160608ea 100644
--- a/core/Cargo.toml
+++ b/core/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-core"
-version = "0.6.1"
+version = "0.7.0"
 description = "Miden VM core components"
 authors = ["miden contributors"]
 readme = "README.md"
diff --git a/docs/src/intro/main.md b/docs/src/intro/main.md
index e3bc48a3b3..b92e2ac454 100644
--- a/docs/src/intro/main.md
+++ b/docs/src/intro/main.md
@@ -2,7 +2,7 @@
 Miden VM is a zero-knowledge virtual machine written in Rust. For any program executed on Miden VM, a STARK-based proof of execution is automatically generated. This proof can then be used by anyone to verify that the program was executed correctly without the need for re-executing the program or even knowing the contents of the program.
 
 ## Status and features
-Miden VM is currently on release v0.6. In this release, most of the core features of the VM have been stabilized, and most of the STARK proof generation has been implemented. While we expect to keep making changes to the VM internals, the external interfaces should remain relatively stable, and we will do our best to minimize the amount of breaking changes going forward.
+Miden VM is currently on release v0.7. In this release, most of the core features of the VM have been stabilized, and most of the STARK proof generation has been implemented. While we expect to keep making changes to the VM internals, the external interfaces should remain relatively stable, and we will do our best to minimize the amount of breaking changes going forward.
 
 At this point, Miden VM is good enough for experimentation, and even for real-world applications, but it is not yet ready for production use. The codebase has not been audited and contains known and unknown bugs and security flaws.
 
diff --git a/docs/src/intro/usage.md b/docs/src/intro/usage.md
index 51c51fef26..0b697964b0 100644
--- a/docs/src/intro/usage.md
+++ b/docs/src/intro/usage.md
@@ -1,5 +1,5 @@
 # Usage
-Before you can use Miden VM, you'll need to make sure you have Rust [installed](https://www.rust-lang.org/tools/install). Miden VM v0.6 requires Rust version **1.67** or later.
+Before you can use Miden VM, you'll need to make sure you have Rust [installed](https://www.rust-lang.org/tools/install). Miden VM v0.7 requires Rust version **1.67** or later.
 
 Miden VM consists of several crates, each of which exposes a small set of functionality. The most notable of these crates are:
 * [miden-processor](https://crates.io/crates/miden-processor), which can be used to execute Miden VM programs.
diff --git a/miden/Cargo.toml b/miden/Cargo.toml
index 7c460b960c..a5127dcce0 100644
--- a/miden/Cargo.toml
+++ b/miden/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-vm"
-version = "0.6.0"
+version = "0.7.0"
 description="Miden virtual machine"
 authors = ["miden contributors"]
 readme="README.md"
@@ -43,19 +43,19 @@ executable = ["env_logger", "hex/std", "std", "serde/std", "serde_derive", "serd
 std = ["assembly/std", "log/std", "processor/std", "prover/std", "verifier/std"]
 
 [dependencies]
-assembly = { package = "miden-assembly", path = "../assembly", version = "0.6", default-features = false }
+assembly = { package = "miden-assembly", path = "../assembly", version = "0.7", default-features = false }
 env_logger = { version = "0.10", default-features = false, optional = true }
 hex = { version = "0.4", optional = true }
 log = { version = "0.4", default-features = false }
-processor = { package = "miden-processor", path = "../processor", version = "0.6", default-features = false }
-prover = { package = "miden-prover", path = "../prover", version = "0.6", default-features = false }
+processor = { package = "miden-processor", path = "../processor", version = "0.7", default-features = false }
+prover = { package = "miden-prover", path = "../prover", version = "0.7", default-features = false }
 rustyline = { version = "10.0.0", default-features = false, optional = true}
 serde = {version = "1.0.117", optional = true }
 serde_derive = {version = "1.0.117", optional = true }
 serde_json = {version = "1.0.59", optional = true }
-stdlib = { package = "miden-stdlib", path = "../stdlib", version = "0.5", default-features = false }
+stdlib = { package = "miden-stdlib", path = "../stdlib", version = "0.6", default-features = false }
 structopt = { version = "0.3", default-features = false, optional = true }
-verifier = { package = "miden-verifier", path = "../verifier", version = "0.6", default-features = false }
+verifier = { package = "miden-verifier", path = "../verifier", version = "0.7", default-features = false }
 
 [dev-dependencies]
 assert_cmd = "2.0"
@@ -64,5 +64,5 @@ escargot = "0.5.7"
 num-bigint = "0.4"
 predicates = "3.0"
 test-utils = { package = "miden-test-utils", path = "../test-utils" }
-vm-core = { package = "miden-core", path = "../core", version = "0.6" }
+vm-core = { package = "miden-core", path = "../core", version = "0.7" }
 winter-fri = { package = "winter-fri", version = "0.6" }
diff --git a/processor/Cargo.toml b/processor/Cargo.toml
index 5c580b6291..6f24a6ea0c 100644
--- a/processor/Cargo.toml
+++ b/processor/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-processor"
-version = "0.6.1"
+version = "0.7.0"
 description = "Miden VM processor"
 authors = ["miden contributors"]
 readme = "README.md"
@@ -23,13 +23,13 @@ std = ["vm-core/std", "winter-prover/std", "log/std"]
 
 [dependencies]
 log = "0.4.14"
-vm-core = { package = "miden-core", path = "../core", version = "0.6", default-features = false }
-miden-air = { package = "miden-air", path = "../air", version = "0.6", default-features = false }
+vm-core = { package = "miden-core", path = "../core", version = "0.7", default-features = false }
+miden-air = { package = "miden-air", path = "../air", version = "0.7", default-features = false }
 winter-prover = { package = "winter-prover", version = "0.6", default-features = false }
 
 [dev-dependencies]
 logtest = { version = "2.0", default-features = false  }
-miden-assembly = { package = "miden-assembly", path = "../assembly", version = "0.6", default-features = false }
+miden-assembly = { package = "miden-assembly", path = "../assembly", version = "0.7", default-features = false }
 rand-utils = { package = "winter-rand-utils", version = "0.6" }
 test-utils = { package = "miden-test-utils", path = "../test-utils" }
 winter-fri = { package = "winter-fri", version = "0.6" }
diff --git a/prover/Cargo.toml b/prover/Cargo.toml
index 009348e850..0c7d97b924 100644
--- a/prover/Cargo.toml
+++ b/prover/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-prover"
-version = "0.6.0"
+version = "0.7.0"
 description = "Miden VM prover"
 authors = ["miden contributors"]
 readme = "README.md"
@@ -18,9 +18,9 @@ metal = ["dep:ministark-gpu", "dep:elsa", "dep:pollster", "concurrent", "std"]
 std = ["air/std", "processor/std", "log/std", "winter-prover/std"]
 
 [dependencies]
-air = { package = "miden-air", path = "../air", version = "0.6", default-features = false }
+air = { package = "miden-air", path = "../air", version = "0.7", default-features = false }
 log = { version = "0.4", default-features = false, optional = true }
-processor = { package = "miden-processor", path = "../processor", version = "0.6", default-features = false }
+processor = { package = "miden-processor", path = "../processor", version = "0.7", default-features = false }
 winter-prover = { package = "winter-prover", version = "0.6", default-features = false }
 
 [target.'cfg(all(target_arch = "aarch64", target_os = "macos"))'.dependencies]
diff --git a/stdlib/Cargo.toml b/stdlib/Cargo.toml
index 10e7ea9ce0..55fefd9f88 100644
--- a/stdlib/Cargo.toml
+++ b/stdlib/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-stdlib"
-version = "0.5.0"
+version = "0.6.0"
 description = "Miden VM standard library"
 authors = ["miden contributors"]
 readme = "README.md"
@@ -20,13 +20,13 @@ name = "stdlib"
 path = "tests/main.rs"
 
 [dependencies]
-assembly = { package = "miden-assembly", default-features = false, path = "../assembly", version = "0.6" }
+assembly = { package = "miden-assembly", default-features = false, path = "../assembly", version = "0.7" }
 
 [dev-dependencies]
 blake3 = "1.3.3"
-miden-air = { package = "miden-air", path = "../air", version = "0.6", default-features = false }
+miden-air = { package = "miden-air", path = "../air", version = "0.7", default-features = false }
 num-bigint = "0.4.3"
-processor = { package = "miden-processor", path = "../processor", version = "0.6", features = ["internals"], default-features = false }
+processor = { package = "miden-processor", path = "../processor", version = "0.7", features = ["internals"], default-features = false }
 serde_json = "1.0.94"
 sha2 = "0.10.6"
 sha3 = "0.10.6"
@@ -35,4 +35,4 @@ winter-air = { package = "winter-air", version = "0.6" }
 winter-fri = { package = "winter-fri", version = "0.6" }
 
 [build-dependencies]
-assembly = { package = "miden-assembly", path = "../assembly", version = "0.6" }
+assembly = { package = "miden-assembly", path = "../assembly", version = "0.7" }
diff --git a/test-utils/Cargo.toml b/test-utils/Cargo.toml
index 2bda9fe932..e71f0c23b8 100644
--- a/test-utils/Cargo.toml
+++ b/test-utils/Cargo.toml
@@ -16,12 +16,12 @@ default = ["std"]
 std = ["assembly/std", "processor/std", "prover/std", "verifier/std", "vm-core/std", "winter-prover/std"]
 
 [dependencies]
-assembly = { package = "miden-assembly", path = "../assembly", version = "0.6", default-features = false }
-processor = { package = "miden-processor", path = "../processor", version = "0.6", features = ["internals"], default-features = false }
-prover = { package = "miden-prover", path = "../prover", version = "0.6", default-features = false }
+assembly = { package = "miden-assembly", path = "../assembly", version = "0.7", default-features = false }
+processor = { package = "miden-processor", path = "../processor", version = "0.7", features = ["internals"], default-features = false }
+prover = { package = "miden-prover", path = "../prover", version = "0.7", default-features = false }
 test-case = "3.0.0"
-verifier = { package = "miden-verifier", path = "../verifier", version = "0.6", default-features = false }
-vm-core = { package = "miden-core", path = "../core", version = "0.6", default-features = false }
+verifier = { package = "miden-verifier", path = "../verifier", version = "0.7", default-features = false }
+vm-core = { package = "miden-core", path = "../core", version = "0.7", default-features = false }
 winter-prover = { package = "winter-prover", version = "0.6", default-features = false }
 
 [target.'cfg(not(target_family = "wasm"))'.dependencies]
diff --git a/verifier/Cargo.toml b/verifier/Cargo.toml
index 12a3094694..32b47f06b8 100644
--- a/verifier/Cargo.toml
+++ b/verifier/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "miden-verifier"
-version = "0.6.0"
+version = "0.7.0"
 description="Miden VM execution verifier"
 authors = ["miden contributors"]
 readme="README.md"
@@ -20,6 +20,6 @@ default = ["std"]
 std = ["air/std", "vm-core/std", "winter-verifier/std"]
 
 [dependencies]
-air = { package = "miden-air", path = "../air", version = "0.6", default-features = false }
-vm-core = { package = "miden-core", path = "../core", version = "0.6", default-features = false }
+air = { package = "miden-air", path = "../air", version = "0.7", default-features = false }
+vm-core = { package = "miden-core", path = "../core", version = "0.7", default-features = false }
 winter-verifier = { package = "winter-verifier", version = "0.6", default-features = false }