US Senator Lummis introduces new bill to include cryptocurrencies in mortgage assets

Cynthia Lummis, the sponsor of the "Bitcoin Strategic Reserve Act" and chair of the Senate Banking and Digital Assets Subcommittee, introduced the "21st Century Mortgage Act" yesterday. The bill would require Fannie Mae and Freddie Mac to consider digital assets recorded on distributed ledgers when evaluating single-family home mortgage qualifications, and would not require these digital assets to be converted into U.S. dollars.

The bill aims to improve access to home loans for younger generations by recognizing digital assets as a wealth assessment indicator. Earlier, on June 26, Federal Housing Finance Agency (FHFA) Director Pulte posted on social media: "After research, and in line with President Trump's vision of making the United States the cryptocurrency capital, today I am ordering Fannie Mae and Freddie Mac to prepare their operations to include cryptocurrency as a recognized asset for mortgage applications."