Congress OKs housing bill with CBDC ban; Robinhood cuts 10%

House and Senate leaders on Tuesday released an updated 21st Century Road to Housing Act that includes a provision preventing the Federal Reserve from directly or indirectly issuing a central bank digital currency or any digital asset substantially similar to one until Dec. 31, 2030. The House passed its own version in May, and Republican leaders plan a floor vote after lawmakers return from recess on June 23.

A January 2025 executive order signed by President Donald Trump directed federal agencies to stop work related to CBDCs, citing concerns about financial stability, individual privacy and national sovereignty. The Senate included a CBDC prohibition when it passed its version of the bill in March, and negotiators retained that language in the updated text.

Defend American Jobs, a political action committee affiliated with the cryptocurrency company Fairshake, reported more than $4.7 million in media and advertising spending to support Republican Barry Moore in a June runoff, on top of $7.4 million the PAC reported spending before Moore’s May 20 primary. Federal Election Commission filings show the PAC has spent over $12 million on Alabama contests this election cycle.

Moore, who has President Trump’s endorsement, is competing against Republican Jared Hudson for a U.S. Senate seat being vacated by Tommy Tuberville, who is running for governor. The PAC and affiliated groups also reported about $5 million in media buys to support Democratic candidate Adrian Boafo in Maryland and roughly $500,000 for Democrat Ritchie Torres in New York.

Robinhood disclosed a workforce reduction affecting about 10% of its full-time employees as part of a reorganization that flattens management layers. The company did not disclose the exact number of positions affected or provide a timeline for the reductions.

In an internal memo, Chief Executive Officer Vlad Tenev wrote the firm cannot ‘default to operating as a heavily-layered organization’ if it wants to scale and must ‘continuously raise’ its performance bar. He also wrote the business ‘has never been stronger.’

The developments address federal CBDC policy, campaign spending linked to the crypto industry and a corporate restructuring at a major retail trading firm.