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New U.S. Bill Proposes Including Crypto Assets in Mortgage Applications
U.S. Senator Cynthia Lummis has introduced a new proposal. Her bill seeks to officially allow the use of digital assets in mortgage applications. If passed, cryptocurrencies could be counted as part of a borrower's reserves without the need to convert them into U.S. dollars.
The initiative aims to support young Americans whose savings are primarily held in digital currencies. According to Lummis, using crypto as proof of financial stability could be the key to affordable housing for a new generation — especially at a time when traditional savings methods are losing relevance.
The proposal aligns with an initiative by Federal Housing Finance Agency (FHFA) Director William Pulte, who has already instructed mortgage giants Fannie Mae and Freddie Mac to explore ways of incorporating cryptocurrencies into the loan approval process. The new bill would codify this effort at the federal level, setting a precedent for the broader adoption of digital assets in traditional finance.
However, the initiative is sparking debate. Senator Elizabeth Warren, along with fellow Democrats, has sent a letter to the FHFA criticizing the approach. Lawmakers expressed concern that crypto volatility could threaten the stability of the U.S. housing market. The letter was also signed by Bernie Sanders, Chris Van Hollen, Jeff Merkley, and Mazie Hirono.
Lummis, who chairs the Senate Subcommittee on Digital Assets, is already working on establishing a regulatory framework for the crypto market. She is also promoting an initiative to form federal reserves in digital currencies, continuing her push to integrate digital assets into the U.S. financial system.
