We study the simplest generic extension of the standard model which allows for conventional electroweak baryogenesis, through the addition of dimension-six operators in the Higgs sector. At least one such operator is required to be CP-odd, and we study the constraints on such a minimal setup, and related scenarios with minimal flavor violation, from the null results of searches for electric dipole moments (EDMs), utilizing the full set of two-loop contributions to the EDMs. The results indicate that the current bounds are stringent, particularly that of the recently updated neutron EDM, but fall short of ruling out these scenarios. The next generation of EDM experiments should be sufficiently sensitive to provide a conclusive test.