KEY FACTS: The Federal Housing Finance Agency (FHFA), led by Director William J. Pulte, announced on June 24, 2025, that it will investigate the inclusion of cryptocurrency holdings, such as Bitcoin and stablecoins, in the mortgage qualification process for federally backed loans overseen by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This move aims to modernize lending standards to reflect the growing prevalence of crypto wealth, potentially enabling millions of Americans to leverage digital assets for homeownership without liquidating them and incurring high capital gains taxes.

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Source: Seal of FHFA

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U.S. Housing Regulator Explores Cryptocurrency in Mortgage Qualification

The Federal Housing Finance Agency (FHFA) announced on June 24, 2025, that it will study the inclusion of cryptocurrency holdings in the mortgage qualification process. The initiative, revealed by FHFA Director William J. Pulte in a post on X, signals a significant shift in how digital assets might be integrated into traditional financial systems to unlock new opportunities for millions of Americans seeking homeownership. This move comes as cryptocurrencies like Bitcoin and stablecoins gain broader acceptance, prompting regulators to explore their role in one of the nation’s largest financial sectors: the $8.5 trillion mortgage market.

"We will study the usage of cryptocurrency holdings as it relates to qualifying for mortgages."
Source

The FHFA, which oversees critical pillars of the U.S. housing finance system—including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks—plays a pivotal role in setting standards for mortgage lending. These government-sponsored enterprises guarantee the majority of home loans in the United States, supporting millions of credit operations annually. Any change to their qualification criteria could have far-reaching implications, not only for prospective homebuyers but also for the broader financial and cryptocurrency markets.

Director Pulte’s announcement marks a departure from traditional mortgage underwriting practices, which typically consider assets like cash, stocks, and retirement accounts but exclude cryptocurrencies due to their volatility and lack of regulatory clarity. Exploring the possibility of integrating digital assets, such as Bitcoin, stablecoins, or other tokens in a borrower’s financial profile, is an attempt by the FHFA to modernize lending standards to reflect the growing prevalence of cryptocurrency wealth.

While Pulte did not provide specifics on the timeline, scope, or types of cryptocurrencies under consideration, his financial disclosures reveal that he holds significant investments in Bitcoin and Solana, valued between $500,001 and $1 million each. This connection has fueled speculation that his advocacy for digital assets could influence the FHFA’s policy direction.

The FHFA’s decision comes at a time when cryptocurrency adoption is accelerating across the United States. High-net-worth individuals and retail investors alike have amassed significant wealth in digital assets, yet many face barriers when attempting to leverage these holdings for traditional financial transactions like home purchases. Currently, Fannie Mae and Freddie Mac require that virtual currencies be converted to U.S. dollars and held in regulated financial institutions to be considered for mortgage purposes—a process that often triggers substantial capital gains taxes, with rates as high as 37% for top earners in states like California.

This restriction has led some crypto holders to explore alternative financing options, such as crypto-backed loans offered by specialized firms like Ledn. Mauricio Di Bartolomeo, co-founder of Ledn, recently told Cointelegraph that Bitcoin holders are increasingly using such loans to purchase real estate without liquidating their assets, thereby avoiding taxable events. However, these private offerings operate outside the federal mortgage system, often carrying higher interest rates and lacking the liquidity and risk-sharing benefits of conventional loans backed by Fannie Mae or Freddie Mac.

The FHFA’s review could change this dynamic by recognizing crypto holdings as a legitimate component of a borrower’s asset base, potentially democratizing access to federally backed mortgages for crypto investors. If implemented, this policy could particularly benefit high-net-worth individuals and younger generations who have built substantial wealth through digital assets but struggle to meet traditional lending criteria.

The FHFA’s announcement has drawn praise from crypto advocates, who see it as a milestone in the mainstream adoption of digital assets. Beyond the technical and regulatory hurdles, the FHFA’s initiative could set a precedent for other credit instruments and financial sectors. If crypto holdings are successfully incorporated into mortgage assessments, it could pave the way for their use in auto loans, personal loans, and other forms of credit, further blurring the lines between traditional and decentralized finance.

As the FHFA embarks on its review, the agency faces the daunting task of balancing innovation with stability. Pulte has not disclosed which cryptocurrencies will be considered, how they will be evaluated, or when the study might yield results. The lack of a clear timeline has left industry observers eager for updates, with the announcement already sparking significant attention across the crypto and housing markets.

The FHFA’s exploration of crypto in mortgage qualifications, if successful, could transform how Americans buy homes, giving crypto holders new pathways to homeownership while cementing digital assets as a cornerstone of the financial system.

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Information Sources:

• FHFA Director William J. Pulte/ X
• Cointelegraph

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