Sen. Lummis Introduces Bill to Greenlight Crypto for Mortgages
The legislation aims to guarantee crypto holdings count toward home loans without conversion.
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.
Bankless
It’s time to break up with your bank, and join the movement for a better world.
