The US Senate has passed housing legislation that includes a ban on the Federal Reserve creating or working on a central bank digital currency (CBDC) until 2030, which is expected to be quickly taken up and passed by the House.
The Senate on Monday voted 85-5 to pass the 21st Century Road to Housing Act, which aims to increase the housing supply after a bipartisan group of House and Senate leaders reached a deal last week to move forward with the legislation.
The bill has included a CBDC ban since the Senate first passed a version of the bill in March, which outlines that the Fed may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency.”
Crypto advocates have long criticized CBDCs, which they see as an attempt by governments to bring digital currency under central bank control, and the bill is set to be a win for Republicans who have for years attempted to ban CBDCs.
The bill will now be sent to the House for a vote, where it is expected to pass quickly with the deal struck by House leaders last week, before it’s then sent to the president to sign it into law.
The CBDC clause in the bill became wrapped into the housing package as a political sweetener to secure support from House Republicans and the administration for faster passage.
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