Summary
- Trump has canceled the signing of a housing bill that includes a CBDC ban.
- He deemed the legislation as “of minor importance” and linked its signing to another voting rights bill.
- The housing bill had bipartisan support but faces uncertainty after Trump's decision.
In a surprising turn of events, President Donald Trump has scrapped plans to sign a critical bipartisan housing bill that includes a prohibition on the establishment of a U.S. central bank digital currency (CBDC) until 2031. The legislation, known as the 21st Century ROAD to Housing Act, aims to ease restrictions on new home construction and prevent large financial firms from monopolizing the housing market.
The bill received overwhelming support in Congress, passing the Senate with an 85-5 vote and the House with a 358-32 vote earlier this week. A key provision included by advocates for cryptocurrency and privacy is a temporary ban on the Federal Reserve from creating a CBDC, which is designed to protect citizens' financial privacy.
Despite the bill's bipartisan approval, Trump labeled it as “of minor importance” and indicated he would withhold his signature until Congress passes the SAVE America Act, a controversial piece of legislation aimed at limiting voting rights. This act has faced skepticism regarding its likelihood of passing, creating further uncertainty around the housing bill's future.
