Lummis Introduces Bill to Allow Crypto Assets for U.S. Mortgages

Senator Cynthia Lummis introduced a new crypto bill aimed at allowing mortgage borrowers to use cryptocurrency holdings as collateral for loans. Key points include:

The bill permits digital assets, maintained by qualified custodians, to be included in mortgage reserves without converting them to USD.
This initiative aligns with directives from Federal Housing Finance Agency Director William Pulte, who instructed Fannie Mae and Freddie Mac to explore such proposals.
Lummis highlighted the potential for digital assets to facilitate home ownership among young Americans.
Opposition exists within the Senate Banking Committee, notably from Senator Elizabeth Warren, who raised concerns about the stability risks posed by volatile digital assets.
Lummis is also working on establishing a U.S. regulatory framework for crypto markets.

The future of this bill in Congress remains uncertain amid ongoing discussions on related legislation.