U.S. lawmakers are still pondering over a landmark housing bill that, if passed, will ban CBDCs in America. Added on to the end of a housing document that’s a little over 300 pages, there is a section that moves to ban the possibility of a digital dollar until 2030.
Headed under Section 1001 in the bill, the 21st Century ROAD to Housing Act, the draft for consideration read,
“The Board of Governors of the Federal Reserve System or a Federal Reserve bank may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly through a financial institution or other intermediary.”
Housing bill still needs House approval
The Act received overwhelming support in the U.S. Senate with a vote of 89-10 from both democrats and republicans, but it still has to receive approval in the House of Representatives.
Senators Elizabeth Warren and Tim Scott advanced the bill more than a week ago, arguing that right now, what Americans need is affordable housing. Chairman Scott said in an official statement that the housing bill received overwhelming support from stakeholders in the U.S. housing market, including housing advocates, builders, real estate lenders, and community leaders.
Another key initiative of the bill is to stop institutional players from owning a majority of the housing market, which is now viewed as the main reason for house prices being pushed up.
U.S. President Donald Trump has previously advocated for legislation that will give more affordable homes to U.S. citizens, but the last part of the bill still clashes with his pro-cryptocurrency agenda.