Subscribe to Bankless or sign in
Senator Cynthia Lummis has introduced the 21st Century Mortgage Act, which would codify the use of cryptocurrency holdings – held on U.S.-regulated exchanges – as eligible reserves when applying for a Fannie Mae or Freddie Mac-backed mortgage.
What’s the Scoop?
- New Bill Filed: The bill mandates that crypto assets on regulated U.S. exchanges be accepted as qualifying reserves for single-family mortgage underwriting.
- Backs FHFA Directive: It reinforces a June 25 order from FHFA Director Bill Pulte directing GSEs to draft proposals for treating crypto as an eligible asset class.
- Asset Conditions: Crypto must be held on centralized U.S. exchanges and remain verifiable under federal reporting standards – no self-custody or off-shore wallets allowed.
0
0
