Congress has sent a major housing package to President Trump — and tucked inside it is a multi-year pause on a Federal Reserve digital dollar.
The 21st Century ROAD to Housing Act cleared Congress with bipartisan margins: the House approved it 358–32 after the Senate passed it 85–5. The bill, pitched as a wide-ranging effort to boost housing affordability, increase supply, reduce regulatory barriers, curb outsized investor control in segments of the market and modernize federal housing programs, now awaits the president’s signature.
“If signed, this bill will help more Americans put down roots,” said Senate Banking Committee Chairman Tim Scott, calling the measure “a major win for families working toward the American Dream.”
Crypto implications: a temporary Fed CBDC ban
Buried in the housing bill is a clear restriction on the Federal Reserve’s ability to issue a retail central bank digital currency (CBDC). The language would bar the Board of Governors or any Federal Reserve Bank from issuing a CBDC — or any dollar-denominated digital asset that is “substantially similar” to one — through 31 December 2030, unless Congress votes otherwise before then. The prohibition explicitly covers issuance directly or via financial institutions and other intermediaries.
The bill also defines a CBDC as a dollar-denominated digital asset that:
- counts as U.S. currency;
- is a direct liability of the Federal Reserve System; and
- is widely available to the general public.
There is an important carveout: the restriction excludes dollar-denominated digital currencies that are “open, permissionless and private” — language that keeps the ban focused on Fed-issued money rather than all tokenized dollars.
Policy continuity with the Trump administration
The CBDC clause mirrors the Trump administration’s stance. In January 2025 President Trump signed an executive order limiting federal agencies from taking steps to establish, issue or promote a Fed-backed CBDC unless required by law. Treasury Secretary Scott Bessent has publicly said a U.S. CBDC was “off the table” under the administration and urged Congress to pass measures such as the CLARITY Act to bring crypto activity onshore under clearer rules.
What this means for crypto markets
If President Trump signs the ROAD to Housing Act into law, the executive-level restrictions would be elevated into statute, creating a legal pause on a retail Fed digital dollar through 2030. The bill does not ban private stablecoins; rather, its language leaves room for non-Fed dollar tokens that meet the open, permissionless and private criteria, while Congress continues separate work on stablecoin and digital-asset regulatory frameworks.
Global context
The U.S. move places it apart from other major economies: the European Central Bank is advancing work on a digital euro, and China has already deployed the digital yuan. The new U.S. policy would formalize a multi-year moratorium on a retail Fed CBDC, even as lawmakers and regulators press on with broader crypto-market rules.
Bottom line
By folding a CBDC restriction into a popular housing bill, Congress has linked two high-profile policy debates — housing reform and the future of the digital dollar — in a single statute. If signed, the law would pause a Fed-issued retail digital dollar through the end of 2030 while leaving the door open for private digital-dollar solutions and for future congressional action.
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