Former CFTC Chair Says U.S. Quietly Studies CBDC Infrastructure Despite Trump Opposition
Former CFTC Chairman Timothy Massad said U.S. authorities are privately examining central bank digital currency infrastructure while publicly opposing a digital dollar. He added that tokenized finance and stablecoin growth could eventually push Washington toward a government-backed onchain alternative.
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Private Work Continues Behind Public Opposition
Former CFTC Chairman Timothy Massad told the Digital Money Summit 2026 in London that U.S. authorities are privately examining CBDC-related infrastructure even as Washington publicly rejects a digital dollar. According to CoinDesk, Massad also said the U.S. is taking part in behind-the-scenes international work on digital settlement infrastructure, including Project Agora. Crypto Briefing reported the same core claim, describing the activity as officials quietly studying the infrastructure.
Federal Reserve Position
Federal Reserve payments executive Mark Gould did not endorse a CBDC. He said the issue is not currently within the Fed's remit, but acknowledged that any government-backed digital dollar would ultimately fall under the central bank's oversight. The two accounts differ on emphasis: CoinDesk framed the Fed's stance as an avoidance of endorsement, while Crypto Briefing presented it mainly as a statement on jurisdiction. Neither source reported a Fed timeline.
Policy Backdrop
President Trump signed an executive order shortly after his inauguration banning federal efforts to develop a U.S. CBDC, citing risks to privacy, financial stability and sovereignty, and ordering agencies to end any ongoing initiatives. Earlier this year the Senate voted overwhelmingly for the 21st Century ROAD to Housing Act, which includes a provision restricting the Fed from issuing a CBDC until at least 2030. Massad's remarks indicate the official position and any internal exploration may diverge, a gap the sources describe but do not independently verify.
Project Agora and International Context
Project Agora, led by the Bank for International Settlements, explores how tokenized commercial bank deposits and central bank reserves could streamline wholesale cross-border payments through a unified multi-currency ledger. The project involves seven central banks and more than 40 private-sector institutions and has moved from design into prototype development. A report on its findings and lessons is expected in the first half of 2026. Massad argued that continued growth in tokenized finance and international stablecoin use will eventually pressure the U.S. toward a government-supported onchain option regardless of current political messaging.
Why It Matters
For Traders
Official U.S. opposition to a CBDC remains in place, so no near-term policy change is signaled by these remarks.
For Investors
Persistent government-level CBDC study alongside Project Agora suggests tokenized settlement will shape U.S. payments policy over multi-year horizons.
For Builders
Project Agora's report due in the first half of 2026 may clarify interoperability standards for tokenized deposits and central bank reserves.
This article is for information only and is not financial advice. Read the full disclaimer.
