Key Highlights
- President Donald Trump canceled the signing ceremony for the housing bill and said he will not sign it until Congress passes the SAVE America Act.
- The housing bill includes a ban on the Federal Reserve creating a U.S. central bank digital currency (CBDC) until the end of 2030.
- The bill passed Congress with strong support from both Republicans and Democrats, but its future is now uncertain.
U.S President Donald Trump unexpectedly put the brakes on a major housing bill on Wednesday, canceling a planned signing ceremony and delaying a measure that would also block the creation of a U.S. central bank digital currency (CBDC) until the end of 2030.
In a post on Truth Social, Trump announced that the event would not go ahead until lawmakers approved the voting bill he has championed for months.
“Today’s Housing News Conference and Signing is hereby cancelled until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency,” Trump wrote. “Thank you for your attention to this matter! President DJT.”
Why this housing bill matters beyond housing
The bill in question, known as the 21st Century ROAD to Housing Act, had already cleared Congress with strong bipartisan support. The Senate approved the measure by an 85-5 vote on Monday, while the House passed it a day later by a margin of 358-32.
Lawmakers drafted the bill to deal with rising housing costs and make it easier to build more homes across the country. It also included measures aimed at stopping large Wall Street firms from buying up too much of the U.S. housing supply.
Another part of the bill attracted attention from the crypto industry and privacy advocates. The legislation would prevent the Federal Reserve from issuing a CBDC or any similar digital asset through the end of 2030. Stablecoins, however, would remain exempt under the proposal, allowing dollar-based digital assets that are open and permissionless
Many in Washington had expected Trump to sign the bill without opposition. A stage had already been set up at the U.S. Capitol for the ceremony, and administration officials had been speaking positively about the legislation before the sudden announcement.
Meanwhile, Trump had previously warned in March that he would not sign other bills before the SAVE America Act reached his desk. That proposal would require people to provide proof of U.S. citizenship when registering to vote. Critics argue that the bill could make voting more difficult for some eligible citizens, while Republican leaders have reportedly struggled to secure enough support for the legislation.
Backing from both Republicans and Democrats
The housing bill drew support from both parties. Senate Banking Committee Chairman Tim Scott backed the measure, saying it “expands access to the American Dream.”
Democratic Senator Elizabeth Warren, who helped sponsor the bill, also praised Congress for working together on the issue. “I don’t say this often these days, but Congress actually passed something good,” Warren said.
What happens next?
The delay has raised questions about other crypto-related bills still moving through Congress. One of them is the Digital Asset Market CLARITY Act, which would set clearer rules for the crypto industry and define the roles of financial regulators.
Trump has 10 days to decide whether to sign or reject bills sent to his desk. If he chooses to veto the housing bill, Congress could still override that decision with a two-thirds majority in both the House and Senate.
Also Read: CLARITY Act: Trump’s Crypto Chief Races to Beat August Recess Deadline
