A research report by investment bank TD Cowen suggests that the U.S. Congress is likely to pass legislation permanently prohibiting the Federal Reserve from issuing retail central bank digital currencies (CBDCs). Analysts highlight that with the Trump administration's rise and Republican control of Congress, anti-CBDC measures have become a core agenda for the party, aiming to protect the commercial banking system and financial privacy. The report anticipates that related bills, such as the "CBDC Anti-Surveillance State Act," are expected to pass both houses and be signed by the President, effectively blocking the Fed from issuing digital dollars directly to individuals.