Cryptocurrency has made its way into real estate transactions—properties have even been sold via blockchain as a non-fungible token (NFT). In 2022, there was even talk that bitcoin transactions could become the norm in real estate.Â
While that hasn’t quite panned out yet, portions of the U.S. government have been signaling an embrace of crypto.
Bill Pulte, director of the Federal Housing Finance Agency (FHFA), announced in June a directive that Fannie Mae and Freddie Mac begin considering digital assets in risk assessments for single-family mortgage loans.
Not all U.S. Senators are as convinced of Pulte’s proposal, however. On Thursday July 24, 2025, five Senate Democrats—including Banking, Housing and Urban Affairs Committee ranking member Elizabeth Warren—signed a letter to Pulte outlining concerns about the proposal to include digital assets in mortgage assessments and asking questions about the proposal. Responses to the questions were requested by August 7 at the latest.
Chief concerns outlined in the letter include the volatility of crypto assets’ value and the “light regulation” of the market. The letter cites the March 2023 financial collapse of Silicon Valley Bank, Silvergate Bank and Signature Bank, entities which had been concentrated in the cryptocurrency industry.Â
“Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,” the letter states, adding there are also concerns about “how FHFA and (Fannie & Freddie) will prevent potential conflicts of interest among stakeholders with financial ties to the crypto industry.” Pulte’s wife owning $2 million in crypto assets per financial disclosure forms is cited as such a potential conflict of interest.Â
On the other hand, Senator Cynthia Lummis (R-WY) has recently introduced a 21st Century Mortgage Act that would codify Pulte’s crypto directive into law.
“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,” said Lummis in a press release about the legislation.Â
Lummis’ office cites the nonprofit National Crypto Association’s (NCA) 2025 State of the Crypto Holders Report, which found that 21% of U.S. adults own crypto and 67% of those are under 45 years old. Lummis’ office connects the legislation to the rising median age of first-time homebuyers, saying including digital assets will give younger homebuyers a leg up.
Other research by sources outside the crypto industry has generally shown lower usage and investment in crypto assets.Â
The nine questions posed in the letter from the five Democrats include requests for clarification on the research FHFA has done about this proposal and what the process for it will entail. One question, for instance, asks if the FHFA has discussed the proposal with third-party entities such as lenders or mortgage insurers to determine how including crypto assets in assessments would affect their own risk assessments and the affordability of mortgage credit backed by Fannie/Freddie.
The FHFA did not reply to an emailed request for comment on the letter and its claims at press time.
