• Treasury Secretary Bessent confirms no plans for a U.S. CBDC, aligning with Federal Reserve Chairman Jerome Powell's stance that congressional authorization is required.
  • The House passed the CBDC Anti-Surveillance State Act in 2025, prohibiting the Fed from issuing or researching a retail CBDC without approval, with potential attachment to the FY2026 National Defense Authorization Act.
  • State-level actions, such as Florida's SB 1568, ban CBDCs under state law while piloting stablecoins, reflecting broader trends toward private digital assets.

Treasury Secretary Bessent has definitively ruled out plans for a U.S. central bank digital currency, stating the administration has no intention of pursuing one and assumes the Federal Reserve does not either. This move comes in response to criticism from crypto advocate Rep. Warren Davidson, who labeled CBDCs as "communist money," and aligns with ongoing congressional efforts to legislatively block such initiatives amid privacy and surveillance concerns.

Recent statements from Bessent echo Federal Reserve Chairman Jerome Powell's prior position that any CBDC requires explicit congressional authorization, a stance reiterated in 2021-2023. In 2025, the House passed the CBDC Anti-Surveillance State Act (H.R. 5403) by a 219-210 vote, which would prohibit the Fed from issuing, researching, or testing a retail CBDC without Congress's approval. According to people familiar with the matter, this bill may be attached to the FY2026 National Defense Authorization Act, potentially solidifying prohibitions in the short term. The Senate introduced the No CBDC Act (S. 464) in February 2025 to further limit Fed authority on CBDCs, with Sen. Jon Husted endorsing anti-CBDC legislation in January 2026, citing risks of transaction monitoring.

Efforts to advance a CBDC have hit a snag as bipartisan, but Republican-led, bills target perceived Fed overreach, emphasizing privacy and rejecting "surveillance state" risks compared to systems like China's. Stakeholders such as the American Bankers Association oppose CBDCs due to concerns about credit extension and monetary policy risks, while crypto advocates like Rep. Davidson benefit from blocked CBDCs, preserving financial privacy and private innovation. Without a deal, the U.S. would likely forego a retail CBDC, shifting focus to private stablecoins and blockchain technologies under expected SEC and CFTC guidance in 2026.

State-level actions are already filling the gap, with Florida's SB 1568 prohibiting CBDCs under state law while piloting stablecoins, and the House passing stablecoin and CLARITY Act frameworks in 2025 to advance non-CBDC digital payments. Internationally, over 100 countries are exploring CBDCs per IMF analysis, but the U.S. lags due to legal hurdles, with policies emphasizing democratic values in tech development with G7 partners. Public debate continues to center on government surveillance versus efficiency, with critics sparking backlash against prior Biden administration efforts.

In the long term, experts predict minimal disruption from the lack of a U.S. CBDC, prioritizing privacy and bank roles, though global interoperability pressures persist. The focus remains on current developments, such as filing deadlines for anti-CBDC legislation and industry partnerships in digital assets, rather than extensive historical context. Attempts to reach out for comment from the Treasury and Fed were not immediately successful, but sources indicate a steady trajectory toward private sector solutions.