US Congress Reaches Deal on Sweeping Housing Bill With CBDC Ban

U.S. House and Senate leaders have reached agreement on a sweeping housing bill after months of negotiations.

Bloomberg reported on June 16 that the two chambers finalized legislation aimed at increasing housing supply and easing affordability pressures. The measure is slated for a Senate vote this week, followed by a House vote next week.

The bill was crafted in response to surging home prices in recent years and the strain of elevated mortgage rates. It also secured White House support by including limits on institutional investors' purchases of single-family homes.

For the cryptocurrency industry, the most closely watched provision is the ban on a central bank digital currency. Under the agreement, the Federal Reserve would be barred from developing or advancing a CBDC through 2030.

Republicans have long opposed a CBDC, arguing that it could be abused as a tool for government financial surveillance. President Donald Trump also repeatedly expressed opposition to a CBDC during the election campaign.

The bill also includes some measures to ease bank regulations and would limit to three years the duration of disaster recovery programs operated by the Department of Housing and Urban Development.

The Senate reinstated some wage-related provisions backed by labor groups. It also tightened rules designed to curb the influence of large investors in the housing market.

Senate Banking Committee Chairman Tim Scott called the bill an opportunity to deliver meaningful results for American households. Senator Elizabeth Warren described it as a historic measure that would, for the first time, limit private equity firms' accumulation of housing.