The United States is moving cautiously on digital money, and that restraint is becoming increasingly visible when set against Europe’s more assertive push for a digital euro. A recent briefing from the US Congressional Research Service offers a clear snapshot of how Washington currently views crypto, stablecoins and central bank digital currencies, and why the gap with Europe is widening.
The document shows that the Federal Reserve has softened its approach to crypto. In 2025, it rolled back supervisory guidance that had effectively discouraged banks from engaging with crypto firms. At the same time, the Fed remains wary of opening its core payment infrastructure to nontraditional players, instead exploring limited access models that stop short of full integration.
Stablecoins are now being treated more explicitly as part of the regulated financial system. US banks supervised by the Fed can issue stablecoins under federal law, and the central bank has been given a formal role in overseeing that framework. This reflects a growing consensus in Washington that private digital money, if tightly regulated, can play a legitimate role alongside traditional bank deposits.
Where the US remains firmly divided is on a central bank digital currency. The Fed has repeatedly stated that it will not issue a digital dollar without explicit authorisation from Congress and the executive branch. Lawmakers in the House have gone further, passing multiple bills designed to block any CBDC launch without prior legislative approval. Privacy concerns and fears of state overreach continue to dominate the debate.
For Europe, the contrast is striking. The European Central Bank is actively designing the digital euro, backed by a legislative proposal from the European Commission. The aim is not to replace private payment solutions, but to ensure a public, pan-European form of digital cash remains available as payments become increasingly private and platform-driven.
The US approach points toward a future dominated by regulated private digital money. Europe is betting that public money must also evolve. That strategic divergence is now becoming one of the defining fault lines in global digital finance.