In a groundbreaking development that could reshape the American housing market, the US Federal Housing Finance Agency (FHFA) is exploring whether cryptocurrency holdings like Bitcoin and stablecoins can be considered valid assets for mortgage qualification.
This unprecedented move signals a seismic shift in how traditional finance views digital assets, potentially opening homeownership opportunities for millions of crypto-wealthy Americans who have been locked out of conventional lending.
The announcement comes from FHFA Director William Pulte, a Trump appointee who himself holds up to $1 million in Bitcoin and Solana according to public records. “We will study the usage of cryptocurrency holdings as it relates to qualifying for mortgages,” Pulte declared on X.
We will study the usage pf cryptocurrency holdings as it relates to qualifying for mortgages.
— Pulte (@pulte) June 24, 2025
This regulatory shift follows the SEC’s January rollback of SAB 121, the controversial accounting guidance that had effectively prevented banks from offering crypto-backed financial products. With that barrier removed, the pathway is now clear for institutional lenders to consider on-chain capital as legitimate collateral, marking a dramatic departure from years of regulatory hostility toward cryptocurrency in traditional banking.
The implications are staggering. The FHFA oversees government-sponsored enterprises including Fannie Mae and Freddie Mac, which collectively back the majority of US mortgages. Any policy changes at this level would cascade throughout the entire mortgage industry, potentially affecting how millions of Americans access homeownership financing.
Breaking Down Barriers
The current mortgage system operates on the traditional “three C’s” framework: Credit, Capacity, and Collateral. However, this decades-old model increasingly fails to capture the wealth profiles of digital-native Americans who have accumulated significant assets through cryptocurrency investments.
Many potential homebuyers with substantial crypto holdings find themselves unable to qualify for mortgages despite possessing considerable wealth, simply because their assets exist in digital rather than traditional form.
The FHFA’s study could fundamentally alter this landscape by treating crypto holdings similarly to stocks, bonds, or other liquid assets in the mortgage underwriting process. This would eliminate the current requirement for crypto holders to liquidate their positions and “season” the proceeds in bank accounts for months before lenders will consider the funds as qualifying assets.
Crypto Market Response
The crypto community has responded enthusiastically to Pulte’s announcement, with industry leaders already proposing frameworks for implementation. Strategy CEO Michael Saylor offered the company’s “BTC Credit model” to assist with the transition.
However, critics warn of potential risks, drawing parallels to the 2008 housing crisis when Fannie Mae and Freddie Mac’s exposure to subprime loans required government bailouts. These concerns underscore the need for careful implementation of any crypto-backed mortgage program, with robust risk management protocols to prevent systemic vulnerabilities.
If successful, this policy shift could democratize homeownership for the estimated 50+ million Americans who own cryptocurrency, many of whom represent younger demographics traditionally excluded from real estate markets due to high prices and stringent lending requirements.
