'21st Century Housing Act' Officially Enacted Despite President Trump's Refusal to Sign; Fed's CBDC Issuance Banned Until 2031

As of midnight on July 11, 2026, the '21st Century ROAD to Housing Act' has officially gained legal force. This was recorded as a rare instance where a major bipartisan bill took effect without President Donald Trump's signature. While the primary purpose of the bill is to address housing affordability issues, it is drawing significant attention from the financial and cryptocurrency industries due to a provision that prohibits the Federal Reserve (Fed) from issuing a Central Bank Digital Currency (CBDC).

Compared to the Save America Act, which strengthens election security, the housing bill is of secondary importance.

This bill was finalized into law without the President's signature, following the procedures specified in Article 1, Section 7 of the U.S. Constitution. After being officially delivered to the White House on June 29, 2026, it took effect automatically because the President did not exercise a veto during the 10-day review period (excluding Sundays) while Congress was in session. President Trump had previously expressed his refusal to sign the bill by abruptly canceling a scheduled signing ceremony on June 24, and subsequently took no action until the constitutional deadline expired.

Federal Reserve CBDC Issuance Prohibition Clause

One of the core contents of the bill is the prohibition of the Federal Reserve Board and Federal Reserve Banks from issuing or creating a CBDC. This prohibition fundamentally prevents the Fed from issuing digital assets directly to individuals or introducing similar forms of digital currency. According to the specific language of the bill, this prohibition is specified to last until at least 2031 or include a minimum four-year grace period, which is expected to impose significant constraints on future U.S. digital currency policy.

• Total ban on the Federal Reserve's issuance and creation of CBDCs
• Blocking the provision of direct digital asset services to individuals
• Establishing a moratorium on issuance lasting until at least 2031
• Prohibition on the introduction of digital assets substantially similar to CBDCs

This bill passed with overwhelming bipartisan support in Congress. It was approved in the Senate on June 22 with an overwhelming vote of 85 to 5, and the House also passed the bill the following day, June 23, by 358 to 32. This strong support suggests that Congress had sufficient momentum to override a veto even if President Trump exercised it, which ultimately served as the background for the President choosing the indirect method of refusing to sign instead of a formal veto.

The superficial reason President Trump refused to sign is due to its link with the 'Save America Act.' He declared that he would not sign the housing bill until that legislation, which focuses on strengthening voter identification, was passed. The President made a political gamble by downplaying the importance of the housing bill and emphasizing that election security is the nation's top priority, but he could not prevent the housing bill from taking effect as the constitutional deadline expired.

The housing bill itself focuses on regulating the activities of institutional investors in the housing market and lowering the burden of home purchases for ordinary people. In particular, it includes regulatory provisions to prevent large institutional investors from monopolizing the housing market, signaling structural changes in the real estate market. While these livelihood-related provisions were the driving force behind the bipartisan consensus, the eventual inclusion of the CBDC ban provision ended up determining the direction of financial technology policy as well.

The digital asset industry generally welcomes the enactment of this bill. As there were significant concerns that a CBDC could shrink the private stablecoin market and infringe on individual financial privacy, this ban is expected to serve as an opportunity to resolve market uncertainty. On the other hand, some are raising concerns that the United States could fall behind in the race for state-led digital currencies.

With the bill officially taking effect, the Federal Reserve must suspend all plans related to CBDC issuance for the next several years. However, legal interpretations vary on whether research and technical reviews of CBDCs will also be completely halted, so the Fed's future actions are being closely watched. Housing-related provisions are also expected to begin immediate implementation procedures and start having a substantial impact on the market.

Consequently, the '21st Century Housing and Roads Act' was finalized through the unique path of automatic enactment guaranteed by the Constitution, amidst a conflict between the President's political calculations and Congress's legislative will. This is evaluated as defining the foundation of future digital currency policy in the U.S. while simultaneously creating a new turning point for stabilizing the housing market.