Cynthia Lummis' new bill could change mortgage rules forever originally appeared on TheStreet .
Senator Cynthia Lummis (R-WY) introduced a new bill related to mortgages on July 29.
Titled the "21st Century Mortgage Act," the legislation requires government-sponsored enterprises, Fannie Mae and Freddie Mac, to consider cryptocurrency assets when assessing single-family mortgage eligibility.
Lummis said:
"This legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets."
The bill aims to codify the Federal Housing Finance Agency Director William Pulte's June 25 directive to the enterprises to consider cryptocurrency as an asset for single-family loans.
The bill also prohibits the conversion of crypto assets into U.S. dollars during the mortgage process.
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Fannie Mae and Freddie Mac don't issue mortgages themselves, but they are responsible for setting mortgage-related guidelines. They purchase mortgages on the secondary market, bundle them into mortgage-backed securities (MBSs), and guarantee payments to investors.
Housing crisis in U.S.
Data suggests that the U.S. is facing a severe housing crisis due to high house prices and mortgage rates.
Lummis cited the U.S. Census Bureau data to underline how homeownership among young Americans under 35 is 36.6% during Q1 2025. "The American dream of homeownership is not a reality for many young people," she said.
As per the Federal Reserve Economic Data (FRED) , the median sales price of houses in the U.S. has soared to $410,800 during Q2 2025. The steep rise in home prices that began around 2020 doesn't seem to be slowing down.
As per Freddie Mac , the average interest rate on a 30-year mortgage is 6.74% and that on a 15-year mortgage is 5.87% as of now — within the highest range in the last two decades.
The current mortgage rates rival even those during the 2007-09 financial crisis.
Similar bill already introduced
If Fannie Mae and Freddie Mac begin to consider crypto during mortgage eligibility assessment, it would alter the housing market forever.
Join the discussion with CryptosRUs on Roundtable here.
Lummis, however, isn't the only one to introduce the first such legislation. Rep. Nancy Mace (R-NC) already introduced a similar bill titled the "American Homeowner Crypto Modernization Act of 2025" on July 14 that urges agencies to consider crypto holdings during the mortgage credit evaluation process.
Such moves are reflective of the broader shift toward a pro-crypto agenda of the Donald Trump administration that recently made astonishing progress on three key crypto bills.
Cynthia Lummis' new bill could change mortgage rules forever first appeared on TheStreet on Jul 29, 2025
This story was originally reported by TheStreet on Jul 29, 2025, where it first appeared.
