Federal Reserve Proposed Ban on Issuing Central Bank Digital Currency Before End of 2030

On June 23, the U.S. Senate overwhelmingly passed the '21st Century Housing Road Act' with a vote of 85-5 on the evening of June 22. The bill has now been sent to the House of Representatives, where it is expected to pass quickly and be signed into law by President Trump. A key provision of the bill includes a ban on the Federal Reserve issuing central bank digital currency (CBDC) or any substantially similar digital assets before the end of 2030, even if issued indirectly through financial institutions. The bill also explicitly exempts private stablecoins such as USDC and USDT.