Congressional Passage of the Housing Legislation

The U.S. Senate approved the 21st Century ROAD to Housing Act by an 85-5 vote, followed by the House of Representatives passing it 358-32. The bill primarily addresses housing affordability by reducing regulatory barriers to new construction, limiting large-scale investor purchases of residential properties, and updating federal housing programs.

Bipartisan backing was evident, with Senate Banking Committee Chairman Tim Scott stating, "Today, Congress delivered a major win for families working toward the American Dream." Democratic Senator Elizabeth Warren, a co-sponsor, remarked, "I don’t say this often these days, but Congress actually passed something good."

CBDC Prohibition and Stablecoin Carve-Out

The legislation includes a provision barring the Federal Reserve from issuing or creating a central bank digital currency (CBDC),or any substantially similar digital asset, until December 31, 2030. This applies directly or indirectly, including through intermediaries.

A definition in the bill describes a CBDC as a dollar-denominated digital asset that is a liability of the Federal Reserve and widely available to the public. Importantly, the measure carves out an exception for certain dollar-denominated stablecoins that are open, permissionless, and private.

This approach aligns with the Trump administration's earlier executive actions against CBDC development. Treasury Secretary Scott Bessent had previously indicated that a U.S. CBDC was "off the table."

Trump's Decision to Delay the Signing

President Trump canceled the planned signing ceremony, describing the bill as being "of minor importance" in relation to other priorities. He stated he would not sign it until Congress passes the SAVE America Act, a separate measure focused on voter registration requirements.

This linkage introduces uncertainty, as the SAVE America Act faces significant challenges in gaining sufficient support. If Trump vetoes the housing bill, Congress could attempt an override with a two-thirds majority in both chambers, a threshold the initial votes suggest might be achievable.

Broader Context and Implications

The bill's progress reflects efforts to embed policy priorities, including limits on CBDC initiatives, into larger legislative packages. It comes amid ongoing discussions around the Digital Asset Market Clarity (CLARITY) Act, which aims to provide regulatory structure for digital assets.

Democrats, including Senator Warren, criticized the delay, arguing it prioritizes other issues over addressing housing costs. The situation highlights tensions in legislative priorities between housing reform, election-related measures, and financial policy.

The outcome remains pending, with potential paths including eventual signature, veto, or automatic enactment after a period if no action is taken. This development keeps the temporary CBDC restriction in a state of legislative limbo while broader crypto and housing policy debates continue.