THE HOUSING BILL, WHICH CONTAINS PROVISIONS PROHIBITING CBDC, BECAME LAW WITHOUT THE SIGNATURE OF TRUMP

On 11 July, a major housing bill called the 21st Century Housing Development Act came into force. The Act contains a provision prohibiting the Federal Reserve from issuing central bank digital currency (CBDC). On Friday, local time, the housing bill will not be signed, although President Donald Trump has previously indicated that it will not enter into force in accordance with the law, unless Congress has passed a bill requiring proof of citizenship for federal elections. The bill was passed last month by an overwhelming vote of the Senate 85:5 and the House of Representatives 358:32, respectively. On Friday morning, Trump wrote to Ruth Social: “I will not sign this bill, which has been fully approved by Congress and sent to the White House, to protest against the United States Senate’s inability to pass the Save America Act (SAVE AMERICA ACT).” However, under the relevant provisions of the United States Constitution, the President has the option to sign or veto a bill; if the President does not sign or veto it within 10 days, the bill will automatically become law without the President’s signature。