Federal Reserve Has No Plans to Build or Issue a CBDC, Official Says
The Federal Reserve has no plans to build or issue a central bank digital currency, according to Fed official Randall Guynn, who delivered the statement during congressional testimony on March 26, 2026. The declaration aligns the central bank’s position squarely with the Trump administration’s anti-CBDC executive order and marks one of the clearest rejections of a digital dollar from a sitting Fed official.
134
Countries Exploring a CBDC
Representing 98% of global GDP — yet the U.S. Federal Reserve has no plans to build or issue a central bank digital currency, according to Fed official Randall Guynn.
Source: Atlantic Council CBDC Tracker
Fed Official Randall Guynn Rules Out CBDC Development
Guynn, who serves in a senior oversight role at the Federal Reserve, made the remarks in prepared testimony before Congress. His statement covered both the building and issuance of a CBDC, indicating this is not merely a pause but an active policy position against pursuing a digital dollar.
The statement carries institutional weight. The Fed has long maintained that it would not proceed with a CBDC without explicit authorization from both Congress and the Executive Branch. Guynn’s testimony reaffirms that no such authorization exists and that the Fed is not seeking it.
Bitcoin BTC +0.00% Magazine was among the first to report Guynn’s remarks, which quickly circulated across crypto media. The clarity of the language, ruling out both development and issuance, leaves little room for interpretation.
Guynn’s appointment has drawn scrutiny from some lawmakers. Senator Elizabeth Warren has pressed the Fed official over potential conflicts of interest related to his background in financial sector advocacy. His anti-CBDC stance may draw additional questions from lawmakers who view a digital dollar as a tool for financial inclusion.
Trump’s Anti-CBDC Executive Order Set the Tone
Guynn’s testimony did not occur in a vacuum. In January 2025, President Trump signed an executive order prohibiting federal agencies from promoting or developing a U.S. CBDC, setting a firm policy direction that the Fed now echoes.
Congressional action has reinforced that position. The U.S. Senate approved legislation explicitly blocking the Federal Reserve from issuing a CBDC, codifying what the executive order established through policy. The bill, tracked as Senate Bill 464, reflects bipartisan concern over government-issued digital currencies.
This marks a sharp reversal from the Biden era. In March 2022, President Biden signed an executive order directing federal agencies to explore the potential benefits and risks of a U.S. CBDC. That exploratory mandate is now effectively dead.
The Fed itself had previously kept the door open to CBDC research, with Chair Jerome Powell stating in past testimony that the central bank was studying the issue without committing to a launch. Guynn’s statement goes further, confirming that even the research track has not translated into any active build plans.
What a CBDC-Free Fed Means for Crypto and the Dollar Debate
The Fed’s firm rejection of a digital dollar carries significant implications for the crypto industry. Most Bitcoin proponents and crypto advocates have opposed a U.S. CBDC on privacy and surveillance grounds, arguing that a government-controlled digital currency could enable unprecedented financial monitoring of citizens.
With 134 countries representing 98% of global GDP exploring CBDCs according to the Atlantic Council’s tracker, the United States is now an outlier among major economies. China’s digital yuan pilot has expanded across multiple provinces, raising questions about whether the U.S. risks falling behind in the digital currency race.
For the domestic crypto market, the absence of a CBDC could strengthen the case for private stablecoins. Legislation around stablecoin regulation is advancing in Congress separately from the CBDC debate, and a clear “no” from the Fed removes a potential government competitor to dollar-pegged tokens like USDC and USDT.
The privacy argument remains central. Critics of CBDCs, including many in the Bitcoin community, have warned that a digital dollar could give the government direct visibility into every transaction. Guynn’s confirmation that the Fed will not pursue this path is likely to be received as a policy win by privacy advocates.
Congressional Authorization Required
The Fed’s Self-Imposed CBDC Guardrail
The Federal Reserve has consistently maintained it would only issue a CBDC with clear support from Congress and the Executive Branch, a bar Fed official Randall Guynn reaffirmed remains unmet, with no active build plans in place.
Source: U.S. Federal Reserve
The legislative picture reinforces Guynn’s position. Senate Bill 464, if signed into law, would make the prohibition on Fed CBDC issuance a matter of statute rather than executive policy, meaning a future administration could not simply reverse course with a new order.
For now, the U.S. has drawn a clear line: no digital dollar from the Federal Reserve. Whether that position holds through future administrations will depend on whether Congress follows through on codifying the ban into permanent law.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
