U.S. Senator Cynthia Lummis (R-WY) unveiled the 21st Century Mortgage Act on July 29, aiming to modernize federal mortgage policy by integrating digital assets into loan evaluations. The proposed legislation mandates that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) incorporate digital holdings when determining eligibility for single-family home loans. This move seeks to formalize a directive from U.S. Federal Housing Finance Agency Director William Pulte, who called for cryptocurrency to be considered an asset class in the mortgage underwriting process.

The bill outlines a requirement for government-sponsored enterprises to account for digital assets stored on cryptographically secured distributed ledgers—without obliging applicants to liquidate their holdings into U.S. dollars. Lummis stated:

This legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets.

The senator argued that federal housing policy should adapt to the financial realities of a “modern, forward-thinking generation,” emphasizing that digital tools should not be penalized but integrated into traditional financial systems.

Senator Lummis’ bill came after FHFA Director Pulte ordered Fannie Mae and Freddie Mac to draft proposals allowing cryptocurrency—held on U.S.-regulated centralized exchanges—to be used as reserve assets in single-family mortgage risk assessments without converting to U.S. dollars. The directive is framed as part of former President Trump’s effort to position the U.S. as a global crypto hub. On July 28, Senate Democrats requested details and a risk assessment from the FHFA, raising concerns about volatility, liquidity, and potential conflicts of interest, noting Pulte also chairs the GSE boards.

U.S. Census Bureau data underscores the urgency of Lummis’ initiative: only 36.6% of Americans under 35 owned homes in early 2025—the lowest rate since 1982. Meanwhile, the 2025 State of the Crypto Holders Report showed that 21% of U.S. adults now own cryptocurrency, with two-thirds of these holders under the age of 45. While critics may raise concerns about crypto volatility, proponents contend that recognizing digital assets in mortgage assessments better aligns with how younger generations build wealth.

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