Trump delays housing bill with CBDC ban, links to voting measure
In brief
- Trump delayed housing bill signature, linking CBDC ban to Republican voting measure passage
- Housing bill exempts dollar-denominated stablecoins, passed Congress with 85-5 Senate, 358-32 House support
- Binance abandons Greece licensing bid, seeks alternative EU authorization before July 1 MiCA deadline
Housing Bill Stalls Over Voting Measure
Trump said he would not sign the legislation until Congress passes the SAVE America Act, requiring proof of US citizenship for voter registration. Even supporters appeared caught off guard by the delay. Senate Banking Committee Chair Tim Scott and Senator Elizabeth Warren, both backing the housing bill, seemed unprepared for Trump's condition.
The bill itself carved out significant ground for crypto. The measure includes an exception for certain dollar-denominated stablecoins, allowing private, open, and permissionless digital currency models to operate. The CBDC restriction is explicit: the Federal Reserve may not issue or create a central bank digital currency or any digital asset substantially similar to one through December 31, 2030.
Binance Faces EU Authorization Crunch
Binance's path to EU compliance narrowed as the exchange's licensing application in Greece encountered a setback. The deadline looms: Binance has until July 1 to secure authorization before the Markets in Crypto-Assets Regulation (MiCA) transitional period ends.
The exchange reportedly held talks with Ireland, Latvia and Greece but encountered resistance over its past money-laundering penalties, international structure and risk-taking culture. Gillian Lynch, Binance's head of Europe and the United Kingdom, said the exchange is "not leaving Europe" and would pursue authorization in another EU jurisdiction if its application in Greece does not move forward.
The stakes aren't massive for Binance's core business. Euro-denominated pairs account for about 1% of Binance's spot trading volume. Still, MiCA compliance is a regulatory checkpoint. The European Securities and Markets Authority (ESMA) said crypto service providers that remain unauthorized by July 1 must take immediate steps to wind down their EU activities.
