US Privately Reviews CBDC Despite Public Opposition, Former CFTC Chair Says

London, UK — The United States government continues to hold internal discussions about a central bank digital currency (CBDC), even as it maintains a publicly oppositional stance, according to Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission (CFTC). In an interview at the 2026 Digital Money Summit in London, Massad stated that a CBDC is ultimately inevitable and that the U.S. is reviewing the concept privately.

Private Discussions Behind Public Opposition

Massad, who led the CFTC from 2014 to 2017, told CoinDesk that despite the lack of public endorsement from key figures like Federal Reserve Chair Jerome Powell, work is ongoing. “Even if the Fed Chair does not publicly mention a CBDC, discussions are ongoing toward building a government-supported on-chain payment infrastructure,” Massad said. This suggests a strategic divergence between political rhetoric and bureaucratic preparation, a common pattern in complex financial policy shifts.

Political and Legislative Hurdles

The political landscape for a digital dollar remains challenging. President Donald Trump expressed strong opposition to a CBDC during his presidential campaign, framing it as a potential government overreach into personal financial privacy. In March 2026, the U.S. Senate passed a bill with an 89-10 vote that includes a provision prohibiting the Federal Reserve from issuing a digital dollar. However, this provision is attached to a separate housing bill, which is currently awaiting a vote in the House of Representatives. This legislative maneuver means the CBDC ban is not yet law and could be stripped out or modified before final passage.

What This Means for the Future of Digital Payments

Massad’s comments highlight a growing tension between political opposition and the perceived technological and economic necessity of a CBDC. Many other major economies, including China, the European Union, and the United Kingdom, are actively developing or piloting their own digital currencies. The U.S. risks falling behind in setting global standards for digital payment infrastructure. The private review Massad describes likely focuses on technical architecture, privacy safeguards, and potential economic impacts, rather than a final launch decision. The outcome of these internal discussions, combined with the fate of the housing bill in the House, will determine the next steps for a U.S. CBDC.

Conclusion

While the public face of U.S. policy currently opposes a central bank digital currency, former CFTC Chair Timothy Massad’s statements reveal a more complex reality. Private, ongoing reviews within the government suggest that preparations are being made for a potential future launch. The ultimate path forward remains uncertain, heavily influenced by both legislative actions and the evolving global financial landscape. For now, the U.S. appears to be in a phase of quiet exploration, waiting for the political conditions to align with what many experts see as an inevitable technological shift.

FAQs

Q1: What is a central bank digital currency (CBDC)?
A CBDC is a digital form of a country’s fiat currency, issued and regulated by its central bank. Unlike cryptocurrencies like Bitcoin, a CBDC is a direct liability of the central bank and is designed to be a stable, government-backed digital payment method.

Q2: Why is the U.S. government publicly opposed to a CBDC?
Public opposition, particularly from political figures like President Trump, stems from concerns over government surveillance, privacy infringement, and the potential for the government to control or restrict individual spending. There are also concerns about disintermediating commercial banks.

Q3: What is the current status of the bill to ban a U.S. digital dollar?
A bill containing a provision to prohibit the Federal Reserve from issuing a digital dollar passed the Senate in March 2026 with a strong bipartisan vote of 89-10. However, it is part of a larger housing bill and is currently awaiting a vote in the House of Representatives. Its final passage is not guaranteed.