The U.S. Senate has passed a major housing bill that includes a ban on creating an American central bank digital currency, or “digital dollar,” until 2031. The bill received overwhelming bipartisan support, but now faces opposition in the House of Representatives. Furthermore, President Donald Trump has indicated he may not sign any new legislation until a separate voting reform bill is passed, complicating its path to becoming law.
The Senate passed the 21st Century ROAD to Housing Act on Thursday with strong bipartisan support, voting 89 to 10. The legislation contains a provision that would prohibit the development of an American CBDC until 2031.
Central bank digital currencies are government-issued cryptocurrencies designed to act as digital cash. They have sparked debate in the U.S., with some critics arguing they could enable state surveillance of citizens’ financial activities. However, the bill’s future is uncertain due to hurdles in the House of Representatives.
House Republicans have skirmished with Senate counterparts over other provisions in the bill regarding institutional investment in single-family homes. Rep. French Hill (R-AR), chair of the House Financial Services Committee, stated, “It is critical we get the details right and mitigate some of the concerns raised by House members with the Senate bill.”
President Trump has further complicated the legislative outlook by threatened to refuse signing any new bills until Congress passes the SAVE Act. According to a report from Punchbowl News, Trump told House Speaker Mike Johnson (R-LA) that “no one gives a [bleep] about housing.” Consequently, even if the housing bill clears Congress, its enactment is not guaranteed.
