White House · Donald Trump · US Congress · Federal Reserve (FED) · CoinDesk
The U.S. Constitution, however, says that once the president is given a congressionally approved bill
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The CBDC limit expires at the end of 2030, though there was little chance that a Fed digital currency would have been executed by then.
Key facts
- The CBDC limit expires at the end of 2030, though there was little chance that a Fed digital currency would have been executed by then
- The U.S. Constitution, however, says that once the president is given a congressionally approved bill, it becomes law after a 10-day window whether he signs it or not
- There's been limited appetite at the central bank, where its previous leadership, even before the arrival of Trump's newest Fed chair, Kevin Warsh, had long said that such an effort would require
- For four years, the Federal Reserve won't be permitted to issue its own digital dollar, which Republican lawmakers have held up as a threat of potential overreaching government surveillance
Summary
As Friday winds to a close, the U.S. housing-affordability bill will become law, along with an unrelated provision that imposes a four-year ban on a U.S. central bank digital currency. The restriction will block the Federal Reserve from issuing a digital dollar that could compete with private-sector stablecoins, though the central bank was not working toward that goal. The crypto industry's long animosity toward the idea of a U.S. central bank digital currency (CBDC) will be rewarded with a ban under the housing bill set to pass into law in the first moment of Saturday. For four years, the Federal Reserve won't be permitted to issue its own digital dollar, which Republican lawmakers have held up as a threat of potential overreaching government surveillance, though there hasn't yet been a serious effort in the U.S. to institute one.