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The U.S. Senate housing bill includes a provision banning central bank digital currencies
According to CoinDesk, the U.S. Senate Banking Committee has included a provision in its latest bipartisan housing bill that temporarily prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). This "21st Century Housing Act," co-sponsored by Committee Chairman Tim Scott and senior member Elizabeth Warren, aims to promote housing construction in the U.S. by reducing regulatory barriers.
In this 303-page bill, the CBDC prohibition provision, which spans only two pages, states that the Federal Reserve Board or Federal Reserve Banks may not issue or create a CBDC or any digital asset that is substantially similar, either directly or through intermediaries such as financial institutions. The ban is effective until December 31, 2030, and establishes an exception for unlicensed, private "dollar-denominated" currencies that fully preserve the privacy protections of physical cash.
In a statement released by the White House supporting the bill, it explicitly mentions support for this CBDC provision, stating that it "prevents the development of a CBDC that could pose significant threats to individual privacy and freedom." Previously, Congress has attempted multiple times to pass similar bans, with the House passing it as a standalone bill last year, but it has yet to receive full approval in Congress.
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