In brief – President Trump refuses to sign a major housing bill including a ban on a U.S. central bank digital currency. – Trump said he considers the legislation “of minor importance.” – The president claimed he won’t sign the bill unless Congress passes a restrictive voting…
ghts bill, which faces long odds. President Donald Trump abruptly canceled a signing ceremony Wednesday for a sweeping, bipartisan housing bill—one that contains a provision banning the U.S. government from issuing a central bank digital currency until 2031
The bill, dubbed the 21st Century ROAD to Housing Act, is the rare piece of federal legislation with overwhelming support from both political parties. It cuts restrictions on building new homes across the United States, and would also prohibit Wall Street heavyweights from buying up the nation’s housing supply. The Senate passed the legislation in an 85-5 vote on Monday, and the House quickly followed suit with a 358-32 vote.
Crypto and privacy advocates also slipped language into the bill earlier this year temporarily barring the Federal Reserve from creating a central bank digital currency, or CBDC—a digital asset backed by the U.S. government. The prohibition on so-called digital dollars would last until the end of 2030. While other major global players including the European Union have pressed ahead with plans to issue a CBDC, conservatives in the United States have railed against the still-theoretical creation of an American version, which they argue could allow the government to access data about citizens’ private transactions.