Sen. Cynthia Lummis has introduced the 21st Century Mortgage Act, a bill drafted to bring America’s mortgage system into the digital age by requiring government-sponsored enterprises (GSEs) to consider digital assets when assessing single-family mortgage eligibility. This legislation would codify Federal Housing Finance Agency (FHFA) Director William Pulte’s directive to “consider cryptocurrency as an asset for single-family loans delivered to Fannie Mae and Freddie Mac.”
“Proud to introduce the 21st Century Mortgage Act to make homeownership more accessible for young Americans who are embracing the digital age,” said Sen. Lummis via her X account.
The 21st Century Mortgage Act would direct Fannie Mae and Freddie Mac to include digital assets recorded on a cryptographically secured distributed ledger as part of their mortgage risk assessments for single-family home loans. This bill would prohibit forcing the conversion of these assets into dollars, respecting the nature of digital wealth.
“The American dream of homeownership is not a reality for many young people,” added Sen. Lummis. “This legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets. 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.”
According to U.S. Census Bureau data, homeownership for Americans under 35 is 36.6% in Q1 of 2025, reaching historically low levels since the Housing Vacancy Survey began tracking homeownership by age in 1982. This same 35 and under demographic has embraced digital assets as their primary wealth-building strategy. The 2025 State of the Crypto Holders Report from the National Cryptocurrency Association (NCA) reveals that 21% of U.S. adults now own cryptocurrency, with 67% of crypto owners under age 45.
In late June, FHFA Director Pulte announced that the agency will begin investigating how cryptocurrency holdings impact mortgage eligibility. According to public records, FHFA Director Pulte holds up to $1 million in bitcoin.
“After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,” said Pulte via X.
In order for cryptocurrency assets to be taken into consideration, Fannie Mae and Freddie Mac now stipulate that they must be “exchanged into U.S. dollars and held in a U.S.- or state-regulated financial institution.”
The FHFA order directs Fannie Mae and Freddie Mac to develop proposals that include digital assets—without requiring borrowers to liquidate them into U.S. dollars prior to a loan closing.
Click here for more on the 21st Century Mortgage Act.
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