Trump cancels signing of housing bill with CBDC ban

US President Donald Trump cancelled the signing ceremony for a housing bill containing a ban on a central bank digital currency (CBDC) as he looked for Republicans in Congress to prioritize a controversial voting bill.

In a Wednesday morning Truth Social post, Trump said that the signing for the 21st Century ROAD to Housing Act, passed by the US Senate and House of Representatives, would be cancelled “until such time as we pass the desperately needed SAVE America Act.”

Source: Donald Trump

The housing bill, passed by the House on Tuesday, included a provision barring the US Federal Reserve from issuing or creating a CBDC “or any digital asset that is substantially similar” until the end of 2030. However, the legislation also included a carve-out for stablecoins, allowing “dollar-denominated currency that is open, permissionless and private.”

Many had expected Trump to sign the bill, aimed at tackling housing affordability, into law on Wednesday without issues. However, the president said in March that he would “not sign other bills” until the SAVE America Act was passed. The legislation would require voters to provide proof of US citizenship in person to register, with critics saying the measure would disenfranchise citizens already eligible to vote.

Related: US Senate passes housing bill with CBDC ban until 2030

Senate Republicans largely supported the housing bill, which passed the chamber in a 85-5 vote on Monday. Tim Scott, the Republican who chairs the Senate Banking Committee, expressed support for the legislation as recently as Wednesday morning before Trump’s announcement, as did Democratic Senator Elizabeth Warren, who co-sponsored the bill.

“I don’t say this often these days, but Congress actually passed something good,” said Warren.

Could Trump’s position also impact crypto market structure?

Given the president’s opposition to signing any bill into law other than the SAVE America Act, it’s unclear whether Trump also intends to veto or delay signing of crypto-related bills. 

As of Wednesday, the US Senate was still waiting to potentially vote on the Digital Asset Market Clarity (CLARITY) Act, a bill expected to change the roles of financial regulators in overseeing and enforcing digital asset laws. However, Trump said in May that he intended to codify a “future-proof digital asset market structure,” likely referring to CLARITY.

If Trump vetoes either bill, Congress could override him with a two-thirds majority in both chambers.

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