The U.S. House of Representatives has approved sweeping housing legislation that also contains a temporary prohibition on central bank digital currencies (CBDCs), delivering a significant policy victory for lawmakers who have sought to limit central-bank involvement in tokenized money. The measure now moves to President Donald Trump, who is expected to sign the bill into law.

According to the official House roll call, the chamber passed the 21st Century ROAD to Housing Act by a wide margin of 358–32 on Tuesday, following a similarly large vote in the Senate the day before. The bill is designed primarily to address housing affordability, but its CBDC provision—and its stablecoin carve-out—has become the most closely monitored part for the crypto and financial-services sector.

Key takeaways

• The House passed the 21st Century ROAD to Housing Act, with a CBDC restriction aimed at preventing the Federal Reserve from issuing or creating a CBDC or substantially similar digital asset until Dec. 31, 2030.
• The ban is not absolute across all crypto activity: the legislation includes a carve-out for certain dollar-denominated stablecoins described as open, permissionless, and private.
• Congressional leaders reached agreement on the bill only after earlier disagreements, indicating that the CBDC language remained a negotiable but preserved feature.
• The legislation now goes to the president for final approval, potentially shaping how financial institutions and crypto firms prepare for compliance over the 2020s.

What the bill does: a time-limited CBDC prohibition

The CBDC clause included in the housing act would bar the Federal Reserve from, “directly or indirectly,” issuing or creating a central bank digital currency—or any digital asset “substantially similar” to a CBDC—until Dec. 31, 2030. While the language is time-bound, it is intended to constrain central-bank experimentation or deployment of a tokenized central-bank form of money during the remainder of the decade.

In practice, such a restriction can influence institutional planning in several ways. Banks and other regulated financial intermediaries typically rely on clear regulatory signals for product development and risk management. By limiting the Federal Reserve’s ability to pursue a CBDC initiative through direct issuance or creation, the statute aims to reduce uncertainty for firms that view CBDCs as a shift toward centrally controlled settlement rails.

At the same time, the clause’s “substantially similar” formulation may raise interpretive questions about what qualifies as prohibited activity. Institutions subject to supervision may need to evaluate not only explicit CBDC proposals, but also any related digital-asset products that could arguably be characterized as CBDC-like. That creates compliance demand even without a CBDC being launched.

Stablecoin carve-out: narrowing the scope of the restriction

The act also incorporates a carve-out for crypto stablecoins, permitting “dollar-denominated currency” that is described as open, permissionless, and private. This drafting choice signals a legislative intent to avoid an outright ban on stablecoin functionality while still constraining the central-bank issuance of a tokenized form of fiat.

From a policy perspective, the carve-out may be read as an attempt to separate the stablecoin market—particularly private-sector dollar-linked tokens—from central-bank-issued digital currencies. For compliance teams, this distinction matters because it suggests that the bill focuses on the Federal Reserve’s role rather than imposing a blanket prohibition on stablecoin issuance or use.

However, the carve-out’s descriptors—open, permissionless, and private—could require further interpretation depending on how regulators treat access, governance, and transaction privacy. Regulated firms generally maintain compliance controls around transparency, recordkeeping, and supervisory reporting; “private” systems may require additional legal and operational review to ensure they do not undermine auditability or AML obligations.

Legislative momentum and the path to law

The bill’s rapid movement reflects a last-minute agreement among House and Senate leadership on the broader housing measure. According to reporting by Cointelegraph, the House passage followed a prior Senate vote, with the CBDC language carried through negotiations and preserved from earlier versions.

Senate Banking Committee Chairman Tim Scott praised the outcome, framing it as a victory for families while emphasizing that Congress had delivered on a long-standing policy objective. The inclusion of the CBDC prohibition has been repeatedly pursued by Republican lawmakers for years, including through earlier legislation that did not advance to enactment.

One notable precursor was a CBDC-focused proposal from Representative Tom Emmer, the Anti-CBDC Surveillance State Act, introduced in June 2025 and passed by the House in July. Despite clearing the House, it did not move forward in the Senate. The housing bill therefore represents a different legislative route—embedding the CBDC restriction within a must-pass or priority bill—suggesting lawmakers may be using vehicle legislation to achieve digital-asset policy goals when standalone bills stall.

Broader compliance and regulatory implications

For regulated entities, the immediate compliance relevance is the signal the statute sends about congressional boundaries around central-bank digital money. Although the restriction targets the Federal Reserve directly, its presence can affect how other regulators interpret the policy environment in which they supervise payments, tokenized assets, and stablecoins.

Institutions also face a multi-jurisdiction landscape. While the U.S. action is domestic, firms with global operations must continue planning for foreign frameworks such as the EU’s Markets in Crypto-Assets (MiCA) regime. Differences in approach—particularly around token classification, issuer obligations, and stablecoin rules—mean the U.S. CBDC ban may not harmonize with European requirements for reserve management, authorization, and ongoing disclosures.

On enforcement and risk, the bill does not replace existing AML/KYC expectations or consumer-protection rules for crypto and financial intermediaries. Rather, it modifies one dimension of the policy map: the ability of the Federal Reserve to issue or create a CBDC-like digital asset. Compliance programs must therefore remain focused on counterparty due diligence, transaction monitoring, sanctions screening, and recordkeeping, while also tracking whether any new regulatory guidance emerges to clarify how “substantially similar” assets will be treated.

What to watch next

The measure’s next milestone is presidential approval. After the bill becomes law, market participants and supervised entities will likely focus on interpretive clarity around the “substantially similar” standard and the stablecoin carve-out descriptors, as well as any downstream guidance from regulators. The longer-term uncertainty is how these constraints interact with future legislative efforts in U.S. crypto market structure—areas where Congress is still debating rules for trading, custody, and market conduct.

The U.S. House of Representatives passed the 21st Century ROAD to Housing Act on Tuesday, sending the bill to President Donald Trump for final approval. 

The measure passed the House by a 358-32 vote after the Senate cleared it 85-5 one day earlier.

The bill focuses on housing affordability, supply and access to homeownership. It seeks to cut red tape, speed up construction, limit large investor control in parts of the housing market and update some federal housing programs.

“Today, Congress delivered a major win for families working toward the American Dream,” said Senate Banking Committee Chairman Tim Scott. “The 21st Century ROAD to Housing Act will help more Americans put down roots, build a better future, and find not just a house, but a home, and I look forward to President Trump signing it into law.”

CBDC ban moves with the package

The housing bill also includes language blocking the Federal Reserve from issuing or creating a central bank digital currency. The restriction would run until Dec. 31, 2030, unless Congress acts again before that date.

The clause bars the Federal Reserve Board or any Federal Reserve bank from issuing a CBDC or a digital asset that is substantially similar to one. It also applies to issuance through a financial institution or other intermediary.

The bill defines a CBDC as a dollar-denominated digital asset that counts as U.S. currency, is a direct liability of the Federal Reserve System and is widely available to the public. The language includes an exception for dollar-denominated digital currency that is open, permissionless and private.

Trump policy backs CBDC freeze

The CBDC clause fits the Trump administration’s position on a federal digital dollar. President Trump signed an executive order in January 2025 that barred federal agencies from taking steps to establish, issue or promote a CBDC unless required by law.

As previously reported by crypto.news, Treasury Secretary Scott Bessent said a U.S. CBDC was “off the table” under Trump. Bessent also urged lawmakers to move ahead with the CLARITY Act as part of a broader push to bring digital asset activity into the United States.

In a recent update, crypto.news covered the Senate vote that moved the housing bill and CBDC ban toward the House. That report noted that the Fed had not launched a digital dollar program and that the idea had remained closer to research than rollout.

Private stablecoins remain outside the freeze

The CBDC language does not ban private stablecoins. The bill’s carveout keeps the restriction focused on Federal Reserve-issued money, not privately issued dollar tokens that meet the bill’s conditions.

Previously, crypto.news reported that the housing deal included a stablecoin carveout while blocking a Fed digital dollar until 2030. That language matters as Congress continues to work on separate digital asset rules covering stablecoins and market structure.

The U.S. stance also differs from other markets. The European Central Bank has continued work on a digital euro, while China has developed the digital yuan. The United States is now moving toward a legal pause on a retail Fed digital dollar through the end of 2030.

If Trump signs the bill, the CBDC restriction will move from executive policy into federal law. The broader package will also place housing reform and digital dollar limits inside the same statute, linking two policy debates that Congress handled through one bill.

Maryland State Delegate Adrian Boafo has won the Democratic primary for Maryland’s 5th Congressional District, putting him on track to compete for the seat held by retiring Rep. Steny Hoyer. 

The Associated Press and Decision Desk HQ called the race Tuesday night after a crowded primary with more than 20 Democratic candidates.

Analysts track this using a metric called spent transaction outputs (STXO), which, in simple terms, tracks the movement of BTC on the blockchain. An OG moving coins after holding them for half a decade is almost always a sign of impending liquidation or profit-taking.

During the peak of the bullish cycle, single-day sell-offs sometimes exceeded 142,000 BTC, sending shockwaves through the market.

But that’s not the case anymore.

The timing of this slowdown in OG selling is not a coincidence, according to analysts at CryptoQuant. Currently, bitcoin is trading around $63,000, which, as it turns out, could be the “break-even” point for the most expensive coins this group could have possibly purchased five years ago, analysts explained on X.

By looking to hold at these levels, the OGs are effectively removing a massive source of selling pressure that capped BTC’s gains above $100,000 last year.

In other words, sell-side pressures are weakening just as some contrary indicators warn of a bottom. Note that outflows from spot ETFs have also slowed over the past two weeks in a positive sign for the cryptocurrency.

As of this writing, bitcoin changed hands near $62,750, largely unchanged on a 24-hour basis.

The US House has passed a major housing bill that includes a ban on central bank digital currencies until 2030, in what is set to be a major win for Republicans who have long pushed for such a measure.

The House voted 358-32 on Tuesday to pass the 21st Century ROAD to Housing Act, a day after the Senate voted 85-5 to pass the bill, which largely aims to tackle housing affordability. The bill now heads to US President Donald Trump, who has signaled support for the measure and is expected to sign it into law on Wednesday. 

“Today, Congress delivered a major win for families working toward the American Dream,” said Senate Banking Committee Chairman Tim Scott. “I look forward to President Trump signing it into law.”

CBDCs are a representation of fiat currency issued by a central bank on a ledger. The signing of the bill will be a win for Republicans who have tried to pass a CBDC ban for years, and for crypto advocates who see CBDCs as an attempt to repurpose technology made for decentralized assets into a centrally controlled asset. 

The housing bill includes language that the Federal Reserve may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency,” a clause that expires on Dec. 31, 2030.

Source: US Senate Banking Committee GOP

The bill’s quick passage comes after House and Senate leaders reached a deal to move forward with the housing bill last week, after previously disagreeing over multiple aspects of the legislation.

The bill has included the CBDC ban since the Senate passed a version of it in March. It also features a carve-out for crypto stablecoins, allowing “dollar-denominated currency that is open, permissionless and private.”

The CBDC ban revived language from Republican Representative Tom Emmer’s Anti-CBDC Surveillance State Act. That bill was introduced in June 2025 and passed the House a month later, but it never saw movement in the Senate.

Related: Crypto lobby urges Congress to pass staking and mining tax bill as is

With the bill off lawmakers’ agenda, Congress can now focus on passing other legislation before the August recess and the November midterm elections.

One bill that has garnered particular interest is the Senate’s crypto market structure bill, dubbed the CLARITY Act, which many lawmakers have been pushing to advance.

Despite months of talks between lawmakers and crypto and banking lobbyists, the CLARITY Act is still seeing pushback, and the odds of it being passed this year have slipped.

Earlier this month, Galaxy Digital lowered its estimate of the Senate passing the bill before the end of the year, giving it a 60% chance as the congressional calendar tightens.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

BlackRock has renewed its view that Bitcoin can sit inside some investment portfolios as a small complementary diversifier. 

The firm said Bitcoin’s role is changing as more investors study its supply, demand, adoption path and place beside traditional assets.

“Bitcoin’s role in portfolios is evolving, and it could be considered a complementary diversifier,” said BlackRock. The asset manager said a typical 1% to 2% allocation may support return potential while keeping risk within a suitable range.

The 1% to 2% range reflects risk limits

BlackRock’s view does not present Bitcoin as a core holding for every investor. Its research says the asset still carries high volatility, unstable correlations and adoption risk. A larger position may raise total portfolio risk beyond what many investors can accept.

The firm uses a risk budgeting approach when sizing Bitcoin exposure. In a 60/40 portfolio, BlackRock said a 1% to 2% Bitcoin position can add risk at a level similar to one large technology stock. The firm warned that going above that range can make Bitcoin a bigger driver of portfolio swings.

ETF growth keeps BlackRock near Bitcoin demand

BlackRock’s comments come as the firm keeps expanding Bitcoin-linked products. Its iShares Bitcoin Trust remains one of the largest spot Bitcoin ETFs, and the company has added new products for investors who want different ways to access Bitcoin exposure.

As previously reported by crypto.news, BlackRock launched the iShares Bitcoin Premium Income ETF on Nasdaq in June. The fund holds Bitcoin exposure mainly through IBIT and sells call options to target a 15% to 25% annual yield paid through monthly distributions.

The product does not offer the same return profile as spot Bitcoin. It seeks income from option premiums while keeping partial upside exposure to Bitcoin’s price. That structure may suit investors who want Bitcoin-linked income, but it can limit gains during sharp rallies.

In a recent update, crypto.news covered BlackRock’s earlier filings for the Bitcoin income ETF. The product showed how traditional asset managers are shaping crypto access through regulated funds rather than direct token custody.

Recent market moves add caution

BlackRock’s portfolio message also arrives after a volatile period for U.S. spot Bitcoin ETFs. As crypto.news reported, Bitcoin ETFs saw a 13-day outflow streak from May 15 to June 3, draining about $4.37 billion from the sector.

That outflow run showed that ETF demand can shift fast when markets weaken. BlackRock’s own research also says Bitcoin has seen deep drawdowns over its short history, including drops of 70% to 80% from peak to bottom.

Still, the firm continues to describe Bitcoin as different from many traditional assets. BlackRock says its fixed supply and adoption-driven value path set it apart from stocks and bonds. The firm also says investors should review the asset with caution because future adoption remains uncertain.

For portfolio builders, the message is narrow. BlackRock is not calling for large Bitcoin holdings. It is saying that a limited allocation may fit some investors who understand the risk, accept price swings and want exposure to a digital asset that moves on different drivers.