U.S. Senate Clears Housing Package With Fed CBDC Moratorium Through 2030

The U.S. Senate has approved a housing bill that would block the Federal Reserve from issuing, creating, or working on a central bank digital currency (CBDC) until 2030, setting up a fast-track path to the House and, potentially, the president's desk. Lawmakers passed the 21st Century Road to Housing Act on Monday by an 85–5 vote. The CBDC provision has been in the package since at least March, when the Senate advanced an earlier version of the same legislative bundle. Key points • The bill bars the Fed from directly or indirectly “issue or create” a CBDC, or any digital asset deemed “substantially similar,” through 2030. • The measure now heads to the House, where passage is expected following a bipartisan agreement among House and Senate leaders. • Even after 2030, the Fed could not pursue a CBDC without explicit new authorization from Congress. • The bill preserves room for stablecoins, including “dollar-denominated” tokens described as “open, permissionless, and private.” What the Senate approved: a Fed CBDC pause As described in the bill language, the restriction prevents the Federal Reserve from taking steps to develop or launch CBDC-related initiatives during the moratorium. The Senate's vote on the final text follows the earlier March passage of a Senate version already containing the CBDC ban. Why the CBDC language is in a housing bill The CBDC clause was added to the housing package as a legislative incentive aimed at widening support and speeding passage, particularly as leaders negotiated a path forward that could satisfy key blocs in the House and the administration. For crypto investors and market participants, the headline is less about housing policy and more about what the restriction signals: lawmakers are moving to constrain the Fed's authority in an area long criticized by parts of the crypto industry and conservative policy circles as expanding central-bank control over payments and money. Stablecoins carved out While the bill would pause a U.S. CBDC at the Fed, it explicitly distinguishes stablecoins from a central bank digital currency framework. The text references “dollar-denominated currency” that is “open, permissionless, and private,” drawing a line between government-backed digital currency infrastructure and privately issued, dollar-linked tokens. The measure also reinforces that the Fed would still be barred from acting on a CBDC after 2030 unless Congress passes fresh, explicit authorization—making any future U.S. CBDC effort dependent on renewed legislative approval. Global CBDC efforts continue The U.S. push to restrict the Fed contrasts with ongoing CBDC activity abroad. Reuters reported on June 16 that China enrolled 26 financial institutions in its cross-border digital yuan (eCNY) payments platform, underscoring continued expansion beyond domestic use. Separately, the Atlantic Council's CBDC Tracker indicates three countries have officially launched CBDCs, 41 are in pilot programs, 33 are in development, and 40 remain in research. The data highlights a divergence: even if the U.S. slows its CBDC timeline, testing and deployment elsewhere continue. What happens next The bill now moves to the House for a vote. With leadership signaling expectations of quick passage, the main question is whether the House adopts the Senate-approved language without changes. If it does, the legislation would head to the president for signature, putting the CBDC ban into law. Market participants will be watching for any House amendments, particularly around the stablecoin carveout and the post-2030 requirement for explicit congressional authorization, as these details could shape how regulators and policymakers define the boundary between a CBDC and the existing ecosystem of dollar-linked tokens.