Former Regulatory Chief Reveals America's Stealthy Foray into Central Bank-Backed Cryptocurrency Through Global Financial Partnership
Timothy Massad, former chair of the Commodity Futures Trading Commission (CFTC) from 2014 to 2017, made a public statement on 19 May 2026 at the Digital Money Summit in London. Massad said the United States is actively exploring central bank digital currency (CBDC) infrastructure. A CBDC is a digital form of a country's official currency, issued and controlled by its central bank. Massad now serves as a Senior Fellow at Harvard Kennedy School.
"We don't have a central bank president who is going to get out there and speak about wholesale or retail CBDC, but that does not mean that we are not looking at how to create one.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
US participates in BIS cross-border payment projectMassad stated that the US participates in Project Agora, a cross-border payment tokenisation initiative run by the Bank for International Settlements (BIS). The BIS is a Switzerland-based institution that coordinates policy between the world's central banks. Project Agora involves seven central banks, covering the five largest international reserve currencies. The Federal Reserve Bank of New York represents the United States in the project.
"The U.S. is a participant in Project Agora.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. "We don't have a central bank president who is going to get out there and speak about wholesale or retail CBDC, but that does not mean that we are not looking at how to create one.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
US participates in BIS cross-border payment projectMassad stated that the US participates in Project Agora, a cross-border payment tokenisation initiative run by the Bank for International Settlements (BIS). The BIS is a Switzerland-based institution that coordinates policy between the world's central banks. Project Agora involves seven central banks, covering the five largest international reserve currencies. The Federal Reserve Bank of New York represents the United States in the project.
"The U.S. is a participant in Project Agora.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. US participates in BIS cross-border payment projectMassad stated that the US participates in Project Agora, a cross-border payment tokenisation initiative run by the Bank for International Settlements (BIS). The BIS is a Switzerland-based institution that coordinates policy between the world's central banks. Project Agora involves seven central banks, covering the five largest international reserve currencies. The Federal Reserve Bank of New York represents the United States in the project.
"The U.S. is a participant in Project Agora.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. Massad stated that the US participates in Project Agora, a cross-border payment tokenisation initiative run by the Bank for International Settlements (BIS). The BIS is a Switzerland-based institution that coordinates policy between the world's central banks. Project Agora involves seven central banks, covering the five largest international reserve currencies. The Federal Reserve Bank of New York represents the United States in the project.
"The U.S. is a participant in Project Agora.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. "The U.S. is a participant in Project Agora.", 19 May 2026. — Timothy Massad, Former Chairman, CFTC (2014–2017); Senior Fellow, Harvard Kennedy School
Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. Trump signed CBDC ban in January 2025President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. President Donald Trump signed an executive order on 23 January 2025 titled "Strengthening American Leadership in Digital Financial Technology." The order explicitly prohibits the establishment, issuance, circulation, and use of a CBDC within the United States. It also bans federal agencies from promoting foreign CBDCs domestically. The White House published a fact sheet confirming the order on the same date.
Senate passed CBDC ban bill 89 to 10A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. A separate legislative measure to permanently ban the Federal Reserve from issuing a digital dollar passed the US Senate with an 89–10 bipartisan vote. The bill is attached to a housing package. It has not yet passed the US House of Representatives. Mark Gould, Chief Payments Executive at the US Federal Reserve, stated at the same London summit on 19 May 2026 that CBDC development is not within the Fed's current mandate. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.