Road to Housing Act hits the Fed's CBDC brakes until 2030, then hits a Trump speed bump 🛑

The US House of Representatives voted 358-32 on Tuesday to pass the 21st Century ROAD to Housing Act, a day after the Senate cleared the same bill 85-5. The legislation, which primarily targets housing supply and affordability, now heads to President Donald Trump's desk. Trump on Wednesday morning said on Truth Social that he had cancelled the planned signing ceremony "until such time as we pass the desperately needed SAVE America Act," legislation that would require voters to provide proof of US citizenship in person to register.

Tucked into the housing package is a provision barring the Federal Reserve from issuing or creating a central bank digital currency. The bill's text states that the Fed "may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency," directly or indirectly, through Dec. 31, 2030. Even after the ban expires, the central bank would need explicit authorization from Congress to pursue a digital dollar. The clause carves out private stablecoins, exempting any "dollar-denominated currency that is open, permissionless and private," leaving issuers such as Circle and Tether, now governed by last year's GENIUS Act, untouched.

The CBDC ban revived language from Republican Representative Tom Emmer's Anti-CBDC Surveillance State Act, introduced in June 2025 and passed by the House a month later, which never advanced in the Senate. The Senate first attached a CBDC moratorium to a housing bill in March, passing that version 89-10. The provision has been a longstanding priority for Republicans and crypto advocates who argue that CBDCs would extend government surveillance into payments, and the housing bill's swift movement followed a deal struck by House and Senate leaders last week to reconcile their respective texts. Senate Banking Committee Chair Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) co-wrote the legislation. "Housing prices are too darn high and housing supply is too low," Scott said on the floor. "Today, Congress delivered a major win for families working toward the American Dream," he added after the House vote. Warren said the result proved "that bipartisan legislation doesn't have to be the weakest, most milquetoast agreement," while Senate Minority Leader Chuck Schumer said it "shows Americans how we should govern."

The bill arrives with no active federal CBDC effort in place. The Federal Reserve never moved beyond the research stage, and both Chair Kevin Warsh and Trump have publicly opposed a digital dollar. Trump signed an executive order in January 2025 directing his administration not to pursue one. Other jurisdictions continue to press ahead: Reuters reported on June 16 that China signed up 26 financial institutions to its digital yuan (e-CNY) cross-border payment platform, and the Atlantic Council said three countries have officially launched a CBDC, 41 are in the pilot phase, 33 are in development, and 40 are still researching.

With the housing bill off the congressional agenda, lawmakers are turning to other priorities before the August recess and the November midterm elections, including the Senate's crypto market structure bill known as the CLARITY Act. Galaxy Digital earlier this month lowered its estimate of the bill passing before year-end to 60% as the calendar tightens, and crypto and banking lobbyists remain divided over key provisions.