U.S. congressional leaders have reached a deal on a housing bill that would also block the Federal Reserve from creating a central bank digital currency until 2030.
Summary
- The housing bill would block the Federal Reserve from issuing a CBDC until 2030 nationwide.
- The deal pairs housing affordability measures with a temporary digital dollar restriction backed by Republicans.
- Stablecoins receive a carveout if they remain dollar-denominated, open, permissionless, and private under bill language.
The updated 21st Century ROAD to Housing Act links housing affordability measures with a temporary CBDC ban. The package still needs final passage, but the agreement gives the measure a clearer path through Congress.
Senate Banking Chair Tim Scott, Senate Banking Ranking Member Elizabeth Warren, House Financial Services Chair French Hill, and House Financial Services Ranking Member Maxine Waters released the updated bill text on June 16. The lawmakers said the package combines Senate, House, and White House priorities.
The bill seeks to cut housing costs by easing rules, expanding supply, and protecting local control. It also includes language aimed at stopping large institutional investors from buying existing single-family homes to rent out.
CBDC ban would pause Fed digital dollar plans
The CBDC section would amend the Federal Reserve Act. It says the Fed may not “issue or create” a CBDC, or a digital asset that is substantially similar to one, either directly or through a bank or other intermediary.
The bill defines a CBDC as a dollar-denominated digital asset that is U.S. currency, a direct liability of the Federal Reserve System, and widely available to the public. The ban would expire on Dec. 31, 2030, unless Congress acts again.
In addition, the language builds on a January 2025 executive order from President Donald Trump. That order barred federal agencies from actions to establish, issue, or promote CBDCs, except when required by law.
The White House order said CBDCs could threaten “individual privacy” and the sovereignty of the United States. Supporters of a legal ban have used similar arguments for years, saying a digital dollar could give the government too much power over payments.
As previously reported by crypto.news, Treasury Secretary Scott Bessent has also said no CBDC would move forward under Trump. That report noted that some Republicans opposed the 2030 sunset and wanted a permanent ban instead.
CBDC ban keeps stablecoins outside the freeze
The updated bill includes a carveout for dollar-denominated digital currency that is open, permissionless, and private. That language appears designed to keep private stablecoins outside the CBDC restriction.
The carveout matters because Congress is also working on broader digital asset rules. As crypto.news reported earlier, the Digital Asset Market CLARITY Act seeks to divide crypto oversight between the CFTC and SEC and includes separate anti-CBDC language.
The housing deal could also help lawmakers clear floor time for other bills before the August recess. Recent reports said the housing package may move through final votes as soon as next week.
The bill revives parts of earlier anti-CBDC efforts led by House Majority Whip Tom Emmer. His Anti-CBDC Surveillance State Act had passed the House before, but standalone CBDC restrictions had struggled to advance in the Senate.
The temporary limit also leaves a future policy choice open. Lawmakers could extend the ban, replace it with a permanent rule, or allow it to lapse.
If the housing package passes in its current form, the U.S. would place a time-limited bar on a Fed-issued retail digital dollar. Congress would still keep authority to revisit the issue before the sunset date.
