U.S. Senate passes housing bill establishing four-year CBDC ban

On June 23, the U.S. Senate voted 85:5 to pass the Affordable Housing Act, which included a clause prohibiting the Federal Reserve from issuing or piloting Central Bank Digital Currency (CBDC) before the end of 2030. The bill will next be sent to the House for review and may be signed into effect by President Donald Trump. The ban stems from Republican concerns that CBDC may pose financial surveillance risks and has been written into the text of the bill to restrict the Federal Reserve from directly or indirectly issuing digital dollars. The ban lasts for four years.