In a universe teeming with improbabilities, a revolutionary bill appears to make federal mortgage giants sit up and take note of those digital coins swimming around in the ether, paving the way for crypto enthusiasts to grasp the elusive golden key to homeownership—all without needing to perform the particularly unpleasant task of converting their beloved digital assets into the mundane realm of cash.
Senator Lummis and the Crypto Chronicles: A New Chapter in Housing Finances
In a spectacular display of political bravado, U.S. Senator Cynthia Lummis (R-WY) trotted out the 21st Century Mortgage Act on July 29, with the intent of dragging federal mortgage policy out of the Stone Age and into a glittering, pixelated world where digital assets are just as respectable as good old-fashioned dollars. It’s about time, isn’t it? This proposed legislation gives a thumbs-up to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), compelling them to treat those mysterious digital holdings as legitimate players in this game we fondly call home loans. Perhaps Fannie and Freddie are finally ready to join the 21st century instead of sending their mail via carrier pigeon.
The bill dutifully outlines that our good friends at the government-sponsored enterprises must take heed of those shinily secured digital treasures resting on their fancy distributed ledgers—without making applicants jump through hoops of fire to convert their holdings into U.S. dollars. Senator Lummis chirped:
This legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets.🤑
The senator further elaborated that federal housing policy ought to step away from the dusty textbooks and embrace the financial realities faced by the “modern, forward-thinking generation.” Why penalize the digital wizards when they could instead wield their fantastical tools alongside the traditional financial establishment? It’s a brave new world—sort of.
Senator Lummis’ bill emerged like a phoenix from the ashes following FHFA Director Pulte’s order for Fannie Mae and Freddie Mac to sharpen their pencils and draft new rules allowing cryptocurrency—presumably held on a U.S.-regulated exchange and not down the back of a sofa—to be counted as reserve assets in single-family mortgage risk assessments without the necessity of converting to U.S. dollars. Because who wants to deal with dollars when cryptos are so much more hip? On July 28, Senate Democrats wore their worried faces and requested risk assessments, bringing up unpleasant notions like volatility and liquidity issues, because why not complicate things with actual facts, right?
Meanwhile, U.S. Census Bureau data screams urgency like a cat caught in a laser pointer’s beam: only 36.6% of Americans under 35 enjoyed the dubious honor of homeownership as of early 2025, a figure that could very well rival the number of times a cat will ignore its human. At the same time, the 2025 State of the Crypto Holders Report proclaimed that a whopping 21% of U.S. adults now own cryptocurrency, with two-thirds of these adventurous souls being under the age of 45. Sure, some may raise valid concerns about the wild roller-coaster ride of crypto volatility, but cheerleaders argue that acknowledging digital assets in mortgage assessments might just align with the daring spirit of younger generations building their financial empires. 🏰
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2025-07-29 21:37