U.S. Treasury Reaffirms No CBDC Under Trump; House Ban Set to Expire in 2030

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U.S. Treasury Secretary Scott Bessent confirmed on May 29 that the Trump administration will not issue a CBDC, reinforcing its current stance against crypto. The House-passed ROAD to Housing Act includes a temporary ban on CFT-related CBDCs set to expire in 2030. The Senate has not yet acted. Senate GOP leader Thune warned that a permanent ban could face Democratic opposition. Some House Republicans view the 2030 expiration as a potential opportunity to reassess CBDCs. Fed Chair Kevin Warsh said he would block any CBDC initiative if given the authority.

Huo Xing Finance reports that on May 29, according to crypto journalist Eleanor Terrett, U.S. Treasury Secretary Scott Bessent reaffirmed today that a central bank digital currency (CBDC) will not be launched during the Trump administration. However, the recently passed House bill, the “ROAD to Housing Act,” only includes a temporary ban on the Federal Reserve issuing a CBDC, which will expire on December 31, 2030, and the bill has not yet been approved by the Senate. Senate Republican leader Thune stated that pushing for a permanent ban may face resistance from Democrats. Some Republican members of the House believe that once the ban expires, it could reopen the door for the Federal Reserve to explore CBDCs. Former Fed official Kevin Warsh stated that as long as he has the authority to block it, he will not allow the Fed to move forward with a CBDC.

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