U.S. Senator Proposes Including Cryptocurrencies in Mortgage Eligibility Assessments

Senator Cynthia Lummis (R-Wyo.) has introduced the 21st Century Mortgage Act, a bill aimed at modernizing federal home loan underwriting by recognizing digital assets as part of borrowers' financial profiles. The legislation targets Fannie Mae and Freddie Mac, prohibiting the current requirement for borrowers to convert cryptocurrencies into U.S. dollars before mortgage applications.

Lummis positions the bill as a solution to declining homeownership among younger Americans, a demographic increasingly invested in crypto. Census Bureau data reveals only 36.6% of Americans under 35 owned homes in Q1 2025, while surveys show 21% of U.S. adults hold digital assets—two-thirds of whom are under 45.

The MOVE signals growing institutional recognition of cryptocurrencies as legitimate financial instruments. By aligning lending standards with digital-era savings habits, the proposal could bridge the gap between traditional finance and emerging asset classes.