US Senators Introduce New Bill to Include Cryptocurrencies as Mortgage Collateral Assets

BlockBeats News, July 29 — Cynthia Lummis, the proponent of the “Bitcoin Strategic Reserve Act” and Chair of the Senate Banking Subcommittee on Digital Assets, introduced the “21st Century Mortgage Act” today. The bill requires Fannie Mae and Freddie Mac to consider digital assets recorded on distributed ledgers when assessing eligibility for single-family home mortgages, and prohibits them from mandating the conversion of these digital assets into US dollars. The aim of the legislation is to recognize digital assets as a measure of wealth, thereby increasing home loan opportunities for the younger generation.

Previously, on June 26, Federal Housing Finance Agency (FHFA) Director Pulte stated on social media: “After careful study, and in line with President Trump’s vision to make America the crypto capital, today I directed Fannie Mae and Freddie Mac to prepare their operations to recognize cryptocurrency as an eligible asset for mortgage applications.”