- Senator Cynthia Lummis has introduced a new bill, the 21st Century Mortgage Act, to require government-backed mortgage institutions to include digital assets in their mortgage loan assessments.
- The legislation will essentially direct Federal housing loan entities, Fannie Mae and Freddie Mac, to include digital assets in their mortgage evaluation.
- The bill, in particular, aims to empower young Americans with a significant portion of their wealth in crypto to own more real estate.
As America continues to build the golden era of digital assets, Senator Cynthia Lummis has introduced a new bill to enable young American digital asset owners to access mortgage loans. The 21st Century Mortgage Act will require government-backed housing loan entities to consider digital assets while evaluating mortgage loan eligibility.
Bill Makes Homeownership More Attainable for Young Americans
Senator Lummis’s bill recognizes the difficulty of homeownership with young people. The US Census Bureau also finds that less than 37% of Americans under the age of 35 own a home as of the first quarter of 2025. This decline marks an all-time low in youth homeownership, since 1982 when the survey began.
“The American dream of homeownership is not a reality for many young people,” noted 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.”
Despite this decline in house ownership among young people, the same demographic of people under the age of 45 accounts for 67% of crypto ownership among all US adults who invest in cryptocurrency. If upheld, the new legislation will streamline mortgage access for this large population of young crypto owners with most of their wealth invested in crypto.
Federal Mortgage Entities to Assess Crypto Holdings for Single-family Mortgages
In June, the Federal Housing Finance Agency ordered mortgage titans Freddie Mac and Fannie Mae to include cryptocurrency in their mortgage loan evaluations. Lummis’ new bill now aims to codify or sign this arrangement into law so that it becomes a rule guiding mortgage operations in the US.
The enactment of this bill would remove regulatory hitches in the future, making for seamless mortgage assessment in keeping with the Trump government’s vision to maintain US leadership in global financial innovation.
“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.”
By extension, the bill dignifies digital wealth by barring housing finance firms from forcing borrowers to convert their digital assets into dollars. The US mortgage market is currently worth over $12 trillion, and the inclusion of crypto ownership in mortgage assessment could see these numbers double within the next decade.
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