Congress has successfully passed the largest housing bill in a generation, ending months of standoff between the House and Senate, according to Bloomberg. The comprehensive legislation combines housing affordability measures with a temporary digital dollar restriction backed by Republicans. The bill was released by Senate Banking Chair Tim Scott, Senate Banking Ranking Member Elizabeth Warren, House Financial Services Chair French Hill, and House Financial Services Ranking Member Maxine Waters on June 16. The package aims to cut housing costs by easing rules, expanding supply, and protecting local control while also stopping large institutional investors from buying existing single-family homes to rent out. As reported by The Block, the updated legislation reflects bipartisan, bicameral agreement and includes a three-year sunset provision for a disaster relief program, which was a compromise to address House concerns.
The housing bill would block the Federal Reserve from issuing a CBDC until December 31, 2030. As reported by crypto.news, the CBDC section would amend the Federal Reserve Act, stating the Fed may not "issue or create" a CBDC or a digital asset that is substantially similar to one, either directly or through a bank or other intermediary. The bill defines a CBDC as a dollar-denominated digital asset that is U.S. currency, a direct liability of the Federal Reserve System, and widely available to the public. The ban builds on a January 2025 executive order from President Donald Trump that barred federal agencies from actions to establish, issue, or promote CBDCs, except when required by law. According to The Block, while attaching an anti-CBDC provision to a housing bill is unusual, it highlights a common legislative strategy of hitching unrelated policies to must-pass legislation, with House Republicans pushing for the inclusion.
The updated bill includes a significant carveout for dollar-denominated digital currencies that remain open, permissionless, and private. According to crypto.news, this language appears designed to keep private stablecoins outside the CBDC restriction. The carveout is particularly important as Congress is also working on broader digital asset rules, including the Digital Asset Market CLARITY Act that seeks to divide crypto oversight between the CFTC and SEC. The housing deal could help lawmakers clear floor time for other bills before the August recess, with reports suggesting the housing package may move through final votes as soon as next week.
If the housing package passes in its current form, the U.S. would place a time-limited bar on a Fed-issued retail digital dollar. As reported by crypto.news, the temporary limit leaves a future policy choice open for lawmakers. They could extend the ban, replace it with a permanent rule, or allow it to lapse. The bill revives parts of earlier anti-CBDC efforts led by House Majority Whip Tom Emmer, whose Anti-CBDC Surveillance State Act had previously passed the House before standalone CBDC restrictions struggled to advance in the Senate. The current Trump administration maintains a solid stance against CBDCs, with Treasury Secretary Scott Bessent reiterating that CBDCs are clearly "off the table" and the administration will focus on getting the digital asset-focused Clarity Act across the finish line.
The updated legislation will now head for its first procedural vote at the Senate, according to Politico citing Senate Majority Leader John Thune. The bill would then move to the House for another vote, reportedly expected to happen immediately after lawmakers return from recess around June 23. As reported by The Block, this timing potentially clears the way for the president's final sign-off. Senate Banking Chair Tim Scott emphasized that "This bill is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership."
