Legislation prohibiting the Federal Reserve from issuing central bank digital currencies advances to President Trump after overwhelming bipartisan support.
The US House passed a housing bill including a provision to ban Federal Reserve-issued central bank digital currencies until 2030. The vote was 358-32, following Senate approval of 85-5, reflecting broad bipartisan backing for the measure.
The 21st Century ROAD to Housing Act primarily targets housing affordability but embeds language blocking the Fed from creating or issuing CBDCs directly or indirectly. Republicans and crypto advocates have long opposed CBDCs, viewing them as a centralized threat to decentralized assets.
President Trump, who has signaled support, is expected to sign the bill into law on Wednesday. The move marks a significant setback for CBDC development in the US.