Key Takeaways:
President Donald Trump has 10 days to sign or veto a bipartisan housing bill that would bar the Federal Reserve from issuing a digital dollar until 2030.
House Speaker Mike Johnson transmitted the 21st Century ROAD to Housing Act to President Donald Trump on Monday, giving him 10 days under the US Constitution to sign, veto, or ignore legislation that includes a provision barring the Federal Reserve from issuing a central bank digital currency until the end of 2030.
"Instead, we have a call to action. Mr. President: sign the damn bill," Senator Elizabeth Warren, the Massachusetts Democrat who sponsored the legislation, said Monday.
The bill passed the House last week with bipartisan support after lawmakers added the CBDC prohibition — language long sought by Republicans — to the housing package. Trump canceled a signing ceremony on Wednesday, calling the legislation a "yawn" and urging Congress to instead prioritize the SAVE America Act, which would require in-person proof of citizenship for voter registration. The president said in March he would "not sign other bills" until that measure passed.
A veto would send the bill back to Congress, where a two-thirds majority in both chambers could override the president's action. The Senate is in recess until July 13, narrowing the window for any override attempt before the August state work period.
The CBDC ban represents a rare point of agreement between the Warren-led progressive wing and Republican crypto advocates who have warned that a digital dollar could enable government surveillance of private transactions. The provision prohibits the Fed from issuing or creating a CBDC "or any digital asset that is substantially similar" through 2030, effectively removing one regulatory overhang for the crypto market for at least four years. The ban does not apply to private-sector stablecoins, which remain under separate regulatory frameworks at both the state and federal level.
The housing legislation itself is one of the most significant federal housing interventions in decades. Title X of the bill restricts large institutional investors — defined as for-profit entities with investment control over at least 350 single-family homes — from purchasing existing housing inventory unless the transaction falls under specific exceptions, including build-to-rent development, substantial rehabilitation programs, and senior housing communities. The prohibition takes effect 180 days after enactment and is repealed after 15 years.
Market structure bill in the wings
The CBDC ban is not the only crypto-related legislation pending in Congress. The Digital Asset Market Clarity Act, or CLARITY Act, which would establish a federal framework for digital asset market structure, remains under consideration. Senate leaders have pushed for July passage, though the chamber's calendar leaves about four weeks before the August recess. Trump signaled support for CLARITY in a social media post in March, creating a potential path for crypto market structure legislation even as the housing bill faces an uncertain fate.
If Trump vetoes the housing bill, the political calculus for an override is uncertain. The bill passed with strong bipartisan margins, but whether two-thirds of both chambers would break with the president on a housing package tied to a CBDC ban remains untested. The 10-day clock, excluding Sundays, gives Trump until roughly July 13 to decide.
This article is for informational purposes only and does not constitute investment advice.
