{"id":6195,"date":"2025-07-29T19:41:00","date_gmt":"2025-07-29T19:41:00","guid":{"rendered":"https:\/\/bitunikey.com\/news\/senator-lummis-bill-forces-federal-agencies-to-confront-cryptos-role-in-wealth-building\/"},"modified":"2025-07-29T19:41:10","modified_gmt":"2025-07-29T19:41:10","slug":"senator-lummis-bill-forces-federal-agencies-to-confront-cryptos-role-in-wealth-building","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/senator-lummis-bill-forces-federal-agencies-to-confront-cryptos-role-in-wealth-building\/","title":{"rendered":"Senator Lummis Bill forces federal agencies to confront crypto\u2019s role in wealth building"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Senator Lummis is dragging federal housing agencies into the 21st century with a bill that mandates crypto be recognized in mortgage approvals. The move challenges decades-old lending rules, potentially opening doors for young buyers, but critics warn it could destabilize the system.<\/p>\n<div id=\"cn-block-summary-block_9664e32507c734270166e9fd27d1efcc\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Senator Cynthia Lummis introduced a bill requiring Fannie Mae and Freddie Mac to recognize crypto assets in mortgage evaluations.<\/li>\n<li>The 21st Century Mortgage Act targets outdated lending criteria and responds to low homeownership rates among Americans under 35. <\/li>\n<li>Critics, including Senators Warren and Sanders, argue the move could inject risk into the housing market due to crypto volatility<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>On July 29, U.S. Senator Cynthia Lummis <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.lummis.senate.gov\/press-releases\/lummis-introduces-bill-to-revolutionize-mortgage-lending-make-homeownership-more-accessible-for-young-americans\/\" target=\"_blank\">introduced<\/a> the 21st Century Mortgage Act, a bill that would require Fannie Mae and Freddie Mac to factor cryptocurrency into single-family mortgage evaluations.<\/p>\n<p>The proposal codifies a recent directive from Federal Housing Finance Agency Director William Pulte and would formally instruct the two government-sponsored enterprises to consider digital assets held on public blockchains as part of borrowers\u2019 financial profiles, without requiring conversion into U.S. dollars.<\/p>\n<p>According to Lummis, the legislation aims to modernize mortgage eligibility criteria to reflect how an increasing number of younger Americans store and grow their wealth.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Why crypto could be the missing piece in America\u2019s homeownership crisis<\/strong><\/h2>\n<p>Senator Lummis\u2019 push to include crypto in mortgage assessments is a direct response to a generational wealth gap that has left millions of young Americans locked out of homeownership. With U.S. Census Bureau data showing just 36.6% of adults under 35 own homes, the lowest rate since tracking began in 1982, traditional paths to property ownership are failing.<\/p>\n<p>Meanwhile, digital assets have emerged as a primary wealth-building tool for this same demographic, with 21% of U.S. adults now holding cryptocurrency, and 67% of those investors under 45.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe American dream of homeownership is not a reality for many young people,\u201d Lummis said. \u201cThis legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets. We\u2019re living in a digital age, and rather than punishing innovation, government agencies must evolve to meet the needs of a modern, forward-thinking generation.\u201d<\/p>\n<\/blockquote>\n<p>But while Lummis frames the move as financial progress, Democratic lawmakers see it as a gamble. Senator Elizabeth Warren, Bernie Sanders, and others <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/themortgagepoint.com\/2025\/04\/01\/democratic-sens-push-back-against-fhfa-director\/\" target=\"_blank\">warned<\/a> in a letter to Pulte that allowing volatile digital assets into mortgage underwriting could \u201cpose risks to the stability of the housing market and the financial system.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Senator Lummis is dragging federal housing agencies into the 21st century with a bill that mandates crypto be recognized in mortgage approvals. The move challenges decades-old lending rules, potentially opening&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/6195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=6195"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/6195\/revisions"}],"predecessor-version":[{"id":6197,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/6195\/revisions\/6197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/6196"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=6195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=6195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=6195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}