When Donald Trump returned to the White House in January, he brought with him a bold pro-crypto agenda. Fast-forward to August, and the former crypto skeptic turned industry ally is close to delivering on his final and perhaps most controversial campaign promise: blocking a U.S. central bank digital currency (CBDC). This week, the U.S. House of Representatives passed the National Defense Authorization Act (NDAA) with a key provision that effectively bars the Federal Reserve from issuing a digital dollar. The language closely mirrors the CBDC Anti-Surveillance State Act championed by Rep. Tom Emmer and aims to stop the Fed from offering digital tokens or accounts directly to individuals. Though the measure still faces a Senate vote, it’s a major step toward fulfilling Trump’s vow to “never allow” a U.S. CBDC a commitment that resonated strongly with the crypto community.
Trump’s Warning on CBDCs
During his 2024 campaign, Trump positioned a potential digital dollar as a threat to financial freedom, claiming it could give the federal government “absolute control over your money.” That messaging found strong support among crypto advocates, especially Bitcoiners and libertarians wary of surveillance and central control. While no U.S. CBDC has been issued to date, the legislative move signals a clear stance against future development.
Crypto Promises Already Delivered
Trump’s presidency has already marked several major victories for the crypto industry. Just 48 hours after taking office, he fulfilled a key campaign promise by pardoning Ross Ulbricht, the controversial founder of Silk Road and a longstanding figure of sympathy within crypto circles. On the regulatory front, although Trump had pledged to remove SEC Chair Gary Gensler, that move became unnecessary as Gensler resigned before Inauguration Day. He was replaced by Paul Atkins, a known supporter of cryptocurrency. In March, Trump further signaled his support by announcing the creation of a strategic Bitcoin reserve comprised, for now, of Bitcoin previously seized by the government rather than newly acquired assets. Most recently, in August, he signed an executive order aimed at ending discriminatory banking practices against crypto companies, directing regulators to reduce pressure on banks working with the industry.
What’s Still in Limbo
In January, Trump issued an executive order affirming Americans’ rights to self-custody and peer-to-peer crypto transactions a move welcomed by the crypto community. However, making those protections permanent requires legislative action. The Clarity Act, aimed at codifying these rights, passed the House in July but is still awaiting a Senate vote. On the broader economic front, Trump has pledged to lower interest rates, yet the Federal Reserve has kept its benchmark range steady at 4.25% to 4.5%. While there is still speculation about a potential rate cut in September, the likelihood has recently dropped from 83% to 71%. For crypto markets that benefit from looser liquidity conditions, the Fed’s next decision could significantly influence price action heading into Q4. Meanwhile, Trump’s boldest crypto promise to ensure all Bitcoin is mined within the United States remains purely aspirational. No concrete policy steps have been taken, and even industry insiders view this more as political rhetoric than a viable regulatory plan.
What’s Next?
With the CBDC ban passing the House, Trump is close to crossing off the final major item on his crypto agenda. Whether or not the Senate follows suit, the message is clear. This administration is taking a definitive stand against centralized digital currencies and in favor of decentralized, user-controlled assets. While not every pledge has become law, the pace of action and the symbolic weight of each move has left no doubt: Crypto has a friend in the Oval Office.
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