US Senate Votes to Bar Federal Reserve from Issuing CBDC Until 2030

The recent vote in the US Senate on a bill that would bar the Federal Reserve from issuing a CBDC until 2030 has sparked interest among crypto enthusiasts and policymakers alike.

The bill, which was part of a larger housing and banking package, included language that defined a CBDC as a digital asset denominated in US dollars, treated as US currency, carried as a direct liability of the Federal Reserve System, and widely available to the general public.

The six senators who voted against the motion were Ron Johnson (R-Wis.), Mike Lee (R-Utah), Chris Murphy (D-Conn.), Rick Scott (R-Fla.), Tommy Tuberville (R-Ala.), and Chris Van Hollen (D-Md.).

While their votes may not necessarily mean they support a Fed digital dollar, it shows that a Senate supermajority was comfortable advancing a package that includes anti-CBDC language.

The CBDC provision in the bill sunsets on December 31, 2030, indicating that Congress wants to fence off this issue for the rest of this decade.