The U.S. Senate has passed a major bipartisan housing bill with a provision banning the Federal Reserve from issuing a central bank digital currency (CBDC) until 2030. The legislation passed by an 85-5 vote and awaits quick action in the House of Representatives. This move follows President Donald Trump’s earlier executive order banning CBDC development and aligns with congressional efforts to impose a longer-term restriction.
The U.S. Senate approved the sweeping 21st Century ROAD to Housing Act by a strong 85-5 vote. The bill now awaits action in the House, where leadership plans to advance it quickly.
House Financial Services Committee Chairman French Hill stated he “looks forward to the House moving quickly to advance this bill to President Trump’s desk.” Senate Chair Tim Scott and Ranking Member Elizabeth Warren both highlighted the bill’s significance for housing affordability.
A key provision prevents the Federal Reserve from issuing a U.S. CBDC for up to four years. This provision was first added by the Senate in March, with the House clearing the amended version in May.
President Donald Trump signed an executive order in January 2025 banning his administration from creating a CBDC. His allies in Congress subsequently pushed to include the restriction in this unrelated housing bill.
Separately, the House Financial Services Committee scheduled a hearing on the CLARITY Act for July 17 in New York. The hearing will examine the legislation’s impact on financial innovation.
Senator Cynthia Lummis, a major supporter of the proposal, has warned that regulatory uncertainty drives developers overseas. The legal environment remains stringent, as seen in the case of Tornado Cash developer Roman Storm, who was found guilty of transmitting over $1 billion in criminal proceeds.
