Washington may publicly reject a Central Bank Digital Currency (CBDC), but quiet efforts to explore the framework for one are already underway, according to Timothy Massad, former chairman of the US Commodity Futures Trading Commission (CFTC).
Speaking at the Digital Money Summit 2026 in London, Massad said authorities are privately examining CBDC-related infrastructure while publicly maintaining opposition to a digital dollar. He said the US is participating in behind-the-scenes international efforts tied to digital settlement infrastructure, including Project Agora.
Federal Reserve payments executive Mark Gould avoided directly endorsing a CBDC. Gould said the issue is not currently under the Fed’s remit, but acknowledged that any government-backed digital dollar would ultimately fall under the central bank’s oversight.
Trump’s executive order bans US CBDC
Trump has consistently opposed a CBDC. Shortly after his inauguration, the president signed an executive order banning federal efforts to develop a US CBDC while expanding support for cryptocurrencies, stablecoins, and blockchain innovation.
