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A sweeping housing bill that sailed through Congress with overwhelming bipartisan support hit an unexpected wall: the president himself.
Donald Trump canceled the signing ceremony for the 21st Century ROAD to Housing Act (H.R. 6644) on June 24, just hours before the event was scheduled to take place. The House had passed the bill 358-32 the day prior, and the Senate approved it 85-5 earlier in the week.
Trump posted on Truth Social that the ceremony would not proceed unless Congress first passed the SAVE America Act, a strict voter ID and elections bill he characterized as a “National Emergency.”
What the housing bill actually does, and why crypto cares
The 21st Century ROAD to Housing Act is a broad piece of legislation designed to attack the US housing crisis from multiple angles. It aims to streamline factory-built and modular housing, reduce construction barriers, expand financing options, enhance protections for renters, and limit the dominance of large institutional investors in the single-family home market.
Buried in the housing legislation is a provision that matters enormously to the crypto industry: a four-year prohibition on the issuance of any US Central Bank Digital Currency or similar digital asset, effective until December 31, 2030.
That provision reflects a deep vein of congressional skepticism toward CBDCs, which critics view as a potential tool for government surveillance of financial transactions. For the crypto industry, a CBDC ban has been something of a holy grail, since a government-issued digital currency could theoretically compete with stablecoins and decentralized alternatives.
The inflation backdrop
Inflation and the cost of living have been dominant voter concerns during Trump’s second term, and housing costs sit right at the center of that anxiety. Polling consistently shows these economic pressures are top-of-mind issues as midterm elections approach.
Trump’s decision to pivot away from signing the bill, and toward demanding voter ID legislation instead, effectively shelves one of the most broadly supported pieces of economic policy in recent memory.
What this means for crypto investors
The CBDC ban provision was arguably the most significant piece of digital asset legislation to come this close to becoming law in recent memory. A statutory CBDC ban through 2030 would have been a concrete signal that the US government wasn’t planning to compete with private stablecoins or disrupt the existing digital asset ecosystem with a sovereign alternative.
For stablecoin issuers in particular, the stakes are material. Companies like Circle and Tether have built multi-billion-dollar businesses on the premise that private-sector digital dollars serve an important role in the financial system. A CBDC ban would have reinforced that premise with the force of law.
Traders should watch for two things in the coming weeks. First, whether Congress makes any move to decouple the CBDC ban from the housing bill and advance it as standalone legislation. Second, whether the SAVE America Act gains enough traction to satisfy Trump’s demands and clear the way for the housing bill’s eventual signing.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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