US House Advances Bill to Bar the Fed from Launching a CBDC Through 2030

Congress has moved to block any near-term push for a "digital dollar." The US House passed the 21st Century ROAD to Housing Act, a wide-ranging package that includes language prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) or any "substantially similar" digital asset until December 31, 2030. The Senate approved the legislation on June 22, 2026, by an 85–55 vote. Under Title XI, Section 1101 of H.R. 6644, the Fed would be barred from directly or indirectly issuing a retail CBDC for roughly the next four years. The measure does not halt an active federal retail CBDC rollout; the Fed's work has largely consisted of research efforts and a Boston Fed pilot, with no product near launch. The bill also creates an explicit carveout for private, permissionless, dollar-denominated digital assets—including stablecoins—as long as they preserve privacy comparable to physical cash. The House had signaled strong momentum earlier: an amended version passed 396–13 in May 2026. The Senate voted 89–10 on a similar version in March. The provision follows a broader legislative and policy arc. In 2024, the House passed the CBDC Anti-Surveillance State Act, an earlier privacy-driven attempt to block a digital dollar that ultimately did not clear Congress. In January 2025, President Trump signed an executive order opposing CBDC development, citing financial privacy risks and concerns about government overreach. The new congressional restriction would effectively hardwire that stance into statute. Sen. Tim Scott (R‑SC) and Rep. French Hill (R‑AR) were among the key sponsors behind the anti-CBDC language. Internationally, more than 100 countries have explored or are developing CBDCs. China's digital yuan has operated in pilot form for years, and the European Central Bank continues work on a digital euro. If enacted as written, the US would formally stay on the sidelines of the CBDC effort until at least 2031. For investors, the exemption for private, privacy-preserving dollar tokens is a clear positive for stablecoin issuers, offering firms such as Circle and Tether more certainty around their operating lane. The key risk is timing: the restriction sunsets on December 31, 2030, leaving open the possibility of a policy shift once the deadline arrives.