President Donald Trump’s administration has clearly and repeatedly expressed its opposition to the creation of a central bank digital currency (CBDC), but officials have indicated that technological solutions related to government-backed digital money continue to be quietly explored.
Timothy Massad, who chaired the Commodity Futures Trading Commission (CFTC) from 2014 to 2017, said at the Digital Money Summit 2026 in London that CBDCs, or state-backed stablecoins, are “inevitable” in the long term.
Massad argued that global trends in asset tokenization and advances in cross-border payments will force the United States to prepare, even if it remains publicly opposed.
The former official highlighted US participation in the Bank for International Settlements (BIS) Project Agora. The project is an effort involving seven central banks to test tokenized deposits on a programmable platform.
“The United States is participating in the Agora program,” Massad said. Technical work proceeds behind closed doors Despite public opposition in Washington.
Federal Reserve Secretary Mark Gould agreed that a government-backed digital dollar is under the Fed’s responsibility, but made clear that it is not part of the immediate agenda at this time.
Refusal of establishment of CBDC by government order
The current government’s position is clear and firm. During his campaign, Trump repeatedly promised that he would “never allow” the creation of a CBDC, calling it a threat to America’s privacy, economic freedom, and sovereignty.
Shortly after taking office, in January 2025, he signed an executive order explicitly prohibiting federal agencies from establishing, issuing, or promoting central bank digital currencies, CriptoNoticias reported.
This measure also reversed previous efforts by the Biden administration. It prioritized the promotion of private cryptocurrencies and stablecoins issued by the private sector.
In March 2026, the Senate voted by a wide margin (89-10) to block the Federal Reserve from issuing a digital dollar until at least 2030, but the project still faces legislative challenges in the House.
Massad acknowledges this political opposition, but argues that tokenized finance is evolving internationally, particularly in Europe and Asia. This will ultimately put pressure on the US to develop alternatives. Government to ensure competitiveness in chain payments.
In his view, a formal retail CBDC is currently politically unfeasible, but technical work on the underlying infrastructure continues.
It is important to understand the context that Europe, through the European Central Bank (ECB), is developing a digital euro, with dozens of allies already participating in tests, and mandatory adoption by businesses potentially possible.
China continues to expand its e-CNY (Digital Yuan), one of the world’s most advanced CBDC projects, with millions of users and a new operations center in Shanghai.
This international contrast strengthens Massad’s argument that global competitive pressures may force the United States to rethink its digital money strategy.
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