Starting July 11, 2026, an unprecedented four-year ban on the issuance of a digital dollar (CBDC) comes into effect in the United States. This restriction is part of a bipartisan housing affordability bill, which, despite lacking President Donald Trump's signature, automatically becomes law upon the expiration of the constitutional deadline.
According to the adopted decision, the Federal Reserve System (Fed) and any other government agencies are prohibited from issuing a digital version of the national currency until December 31, 2030. The law was approved by both chambers of Congress, and although Trump refused to sign it, he also did not veto it — allowing the document to become law without direct presidential approval.
Notably, this initiative received support from both Republicans and Democrats, which is rare in the current polarized political environment. The key argument from moratorium supporters is the protection of citizens' financial privacy and the prevention of potential total state control over monetary flows.
Within the professional community, this decision has elicited mixed reactions. On one hand, it gives the cryptocurrency and stablecoin market additional time to develop without competition from a state-backed digital asset. On the other hand, the U.S. risks falling behind in the global CBDC race, where China, the European Union, and several other jurisdictions are already actively testing their own central bank digital currencies.
Analytical Commentary: In my view, this four-year moratorium is not so much a victory for crypto enthusiasts as it is a temporary reprieve. Given that China has already launched pilot projects for the digital yuan involving millions of users, and the ECB is actively promoting the digital euro, the delay of the U.S. CBDC could significantly weaken the dollar's position as a global reserve currency in the long term. The stablecoin market should view this period as a window of opportunity, but not as a guarantee of perpetual freedom from government regulation.