U.S. President Donald Trump has abruptly put off signing a housing bill that includes a clause banning the Federal Reserve from issuing a digital dollar through 2030.

On June 25, blockchain media outlet CryptoSlate reported that Trump, while keeping his opposition to a Fed-issued central bank digital currency (CBDC), linked handling of the bill to a separate election bill.

The bill whose signing Trump delayed is the 21st Century ROAD to Housing Act. The bill focuses on expanding housing supply, easing construction regulations and improving access to housing finance, but its final provisions also include restrictions on the Fed’s issuance of a digital dollar. The clause would ban the Fed, either directly or through financial intermediaries, from issuing or creating a CBDC until Dec. 31, 2030. It is also designed to prevent the release, without congressional approval, of digital assets that are substantively similar.

Trump has previously described a Fed-issued CBDC as a tool that threatens financial privacy. In January 2025, he issued an executive order preventing federal agencies from pursuing steps to establish, issue or promote a CBDC, and ordered related initiatives halted. Because an executive order can be amended or repealed by the next president, the industry has called for legislation by Congress. The bill reflects that demand in part, but Trump’s delay has pushed back the point at which it takes effect.

Trump’s decision appears to be more of a negotiating card than a shift in position. He set a condition that the SAVE America Act must be handled first in order for him to sign the housing bill. The election measure would require proof of citizenship documents when registering to vote in federal elections and would require voters to present photo identification when voting.

The housing bill passed the Senate 85 to 5 and the House 358 to 32. Both exceed the two-thirds threshold needed to override a presidential veto. Still, if a veto were actually used, it is unclear whether Republican lawmakers would keep support at that level to the end.

Messages from inside the White House were mixed. White House spokesperson Karoline Leavitt initially described the planned signing as an example of Trump delivering on a campaign pledge, but Trump later moved the bill to a lower priority. On housing policy, he said, "I made billions of dollars in housing. I know housing better than anybody," and added, "In the end, the key is interest rates." He also said, "I don't want to hurt people who own houses, either."

Democrats and some Republicans immediately pushed back. Senator Elizabeth Warren said she would keep pressing for passage, saying, "We are going to pass this bill." Senator Mark Warner also criticised Trump, saying he changed his position ahead of signing a bipartisan housing package.

Still, the decision does not mean the bill will be scrapped. Under the U.S. Constitution, once a bill is formally submitted to the White House, the president has 10 days excluding Sundays to sign it or veto it. This time, only the signing ceremony was cancelled, and a variable is that the clock has not started because the bill has not yet been officially delivered. House Speaker Mike Johnson also said after speaking with Trump that he still expects him to sign it.

From the cryptocurrency industry’s perspective, the immediate outcome is closer to a legislative delay than a policy reversal. Trump did not support a digital dollar and has not withdrawn his opposition to a CBDC. The Fed also has not decided to issue a CBDC and is maintaining its position that it will not proceed without approval from Congress and the executive branch. As a result, the focus is narrowing to whether Trump will ultimately sign the housing bill and the CBDC ban clause while continuing pressure over the election bill.