Trump canceled a signing for a housing bill with a CBDC ban, insisting on unrelated election legislation first.
Trump Cancels CBDC Ban Signing, Focuses on Election Legislation
President Donald Trump has abruptly canceled a scheduled signing ceremony for a bipartisan housing bill that includes a four-year ban on central bank digital currencies (CBDCs). This decision comes as he insists on the passage of an unrelated voting bill requiring proof of citizenship from voters.
The signing event, originally set for Wednesday, was called off after Trump announced on Truth Social that it would not proceed until the SAVE AMERICA ACT, which he deems crucial, is passed. This act has faced significant opposition from Republican leaders, complicating its potential approval.
While the housing bill's CBDC prohibition was welcomed by critics of digital currencies, its future is now uncertain due to Trump's demands. The proposed ban was seen as a protective measure for the crypto industry until 2030, especially given concerns that a digital dollar could increase surveillance of financial transactions.
Speaker of the House Mike Johnson indicated that the housing bill is currently "stuck in the Senate," which may require its inclusion in another budget proposal to advance. The ongoing delays are seen as detrimental to both the housing initiative and anti-CBDC advocates, particularly with the impending deadline for the Digital Asset Market Clarity Act, which is a priority for the crypto sector.
Trump previously signed an executive order to halt any progress towards a U.S. CBDC, citing risks to financial stability and individual privacy. If he continues to postpone legislative actions, the timing for the Clarity Act could be severely impacted, with Congress set to recess for the summer in approximately five weeks.
Before the cancellation, Trump had expressed on social media that the housing bill was of "minor importance" compared to other pressing issues, indicating his focus on the SAVE AMERICA ACT instead. Once a bill reaches his desk, he has a constitutionally mandated 10-day period to consider it for signing.
