Washington, D.C. – U.S. Senator Cynthia Lummis (R-WY) today introduced the 21stCentury Mortgage Act to bring America’s mortgage system into the digital age by requiring government-sponsored enterprises to consider digital assets when assessing single-family mortgage eligibility. This legislation would codify U.S. Federal Housing Finance Agency Director William Pulte’s directive to “consider cryptocurrency as an asset for single-family loans delivered to Fannie Mae and Freddie Mac.”
“The American dream of homeownership is not a reality for many young people,” said 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.”
The legislation would direct the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (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.
Background:
Young Americans face an unprecedented homeownership crisis. According to U.S. Census Bureau data, homeownership for Americans under 35 is 36.6% in the first quarter of 2025, reaching historically low levels since the Housing Vacancy Survey began tracking homeownership by age in 1982.
Simultaneously, this same demographic has embraced digital assets as their primary wealth-building strategy. The 2025 State of the Crypto Holders Report reveals that 21% of U.S. adults now own cryptocurrency, with 67% of crypto owners under age 45.
For the full bill text, click here.
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