A significant legislative development concerning the future of a U.S. central bank digital currency (CBDC) faces an uncertain path as President Donald Trump has delayed signing the bipartisan 21st Century ROAD to Housing Act. The bill, which passed both the Senate and the House with substantial support, includes a critical provision that would prohibit the Federal Reserve from developing or issuing a CBDC until December 31, 2030. However, President Trump announced via a Truth Social post that he would not sign the legislation until Congress passes the SAVE America Act, a separate bill focused on voter identification requirements. This unexpected standoff places the future of the CBDC ban, a measure widely supported by crypto advocates, in limbo.
The 21st Century ROAD to Housing Act (H.R. 6644), primarily aimed at addressing housing affordability and supply issues, garnered strong bipartisan backing in both chambers of Congress. The Senate passed the bill with an 85-5 vote, and the House followed suit with a 358-32 vote, sending it to the President's desk. The inclusion of the CBDC ban was a strategic move by House Republicans, who have long expressed concerns about the potential implications of a government-issued digital dollar, particularly regarding privacy and government surveillance. This legislative effort aligns with President Trump's previously stated opposition to a CBDC, including an executive order he signed in January 2025 that directed federal agencies not to pursue such a digital currency. The bill's provision explicitly states that the Federal Reserve System or any Federal Reserve Bank may not issue or create a CBDC, or any substantially similar digital asset, either directly or indirectly through intermediaries, until the specified date. Crucially, the legislation includes an exception for open, permissionless, and private dollar-denominated currencies, effectively safeguarding existing stablecoins from the ban.
President Trump's decision to delay signing the housing bill, announced on Truth Social and widely reported, has introduced an element of unpredictability into the regulatory landscape for digital assets. While the CBDC ban itself reflects a growing consensus among certain policymakers to prevent a government-controlled digital dollar, its fate is now tied to unrelated political negotiations. Should the bill fail to become law, the legislative prohibition on a Fed-issued CBDC would also lapse, potentially reopening the door for future exploration of a digital dollar by the central bank. Conversely, if President Trump eventually signs the bill, it would solidify a clear policy direction for the next several years, pushing innovation in digital payments towards the private sector, particularly stablecoin issuers. The market is closely watching the developments, as a definitive stance on a U.S. CBDC could significantly influence investment and development in the broader crypto ecosystem. The current situation underscores the complex interplay between legislative priorities, executive actions, and the evolving regulatory framework for digital currencies in the United States.
Original announcement: The Hill