A new bill introduced in the Senate would require Fannie Mae and Freddie Mac to consider unconverted digital assets in mortgage underwriting. Sen. Cynthia Lummis (R-Wyo.) introduced the legislation, known as the 21st Century Mortgage Act, on Tuesday.
S.B. 2471 is a response to a directive from Bill Pulte, the director of the Federal Housing Finance Agency (FHFA). Pulte recently instructed the government-sponsored enterprises (GSEs) to consider unconverted cryptocurrencies “that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws.”
Under the proposal, the GSEs must include digital assets recorded on a cryptographically secured distributed ledger when assessing risk for single-family mortgages. They would be prohibited from requiring borrowers to convert these assets into U.S. dollars.
In a statement to justify the bill, Lummis said that homeownership is not a reality for many young Americans.
The U.S. Census Bureau reported a 36.6% homeownership rate among adults under the age of 35 — the lowest figure since the agency began tracking the data in 1982. Meanwhile, 67% of crypto owners are under the age of 45, according to the 2025 State of the Crypto Holders Report.
“We’re living in a digital age, and rather than punishing innovation, government agencies must evolve to meet the needs of a modern, forward-thinking generation,” Lummis added.
The bill arrives just days after five Senate Democrats raised concerns about using cryptocurrency for mortgage qualifications when the assets are not converted to U.S. dollars.
Sens. Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Mazie Hirono (D-Hawaii) and Bernie Sanders (I-Vt.) warned in a letter to Pulte that borrowers could face challenges in liquidating crypto positions at fair value due to the market’s historical volatility and limited liquidity.
“Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,” the Senate Democrats wrote.
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