The post Senator Lummis Bill forces federal agencies to confront crypto’s role in wealth building appeared on BitcoinEthereumNews.com.

Senator Lummis is dragging federal housing agencies into the 21st century with a bill that mandates crypto be recognized in mortgage approvals. The move challenges decades-old lending rules, potentially opening doors for young buyers, but critics warn it could destabilize the system. Summary Senator Cynthia Lummis introduced a bill requiring Fannie Mae and Freddie Mac to recognize crypto assets in mortgage evaluations. The 21st Century Mortgage Act targets outdated lending criteria and responds to low homeownership rates among Americans under 35. Critics, including Senators Warren and Sanders, argue the move could inject risk into the housing market due to crypto volatility On July 29, U.S. Senator Cynthia Lummis introduced the 21st Century Mortgage Act, a bill that would require Fannie Mae and Freddie Mac to factor cryptocurrency into single-family mortgage evaluations. The proposal codifies a recent directive from Federal Housing Finance Agency Director William Pulte and would formally instruct the two government-sponsored enterprises to consider digital assets held on public blockchains as part of borrowers’ financial profiles, without requiring conversion into U.S. dollars. According to Lummis, the legislation aims to modernize mortgage eligibility criteria to reflect how an increasing number of younger Americans store and grow their wealth. Why crypto could be the missing piece in America’s homeownership crisis Senator Lummis’ push to include crypto in mortgage assessments is a direct response to a generational wealth gap that has left millions of young Americans locked out of homeownership. With U.S. Census Bureau data showing just 36.6% of adults under 35 own homes, the lowest rate since tracking began in 1982, traditional paths to property ownership are failing. Meanwhile, digital assets have emerged as a primary wealth-building tool for this same demographic, with 21% of U.S. adults now holding cryptocurrency, and 67% of those investors under 45. “The American dream of…

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Filed under: News - @ July 30, 2025 3:28 am