TechFlow news, on July 29, Republican Senator Cynthia Lummis of Wyoming introduced the "Mortgage Act of the 21st Century." The bill requires Fannie Mae and Freddie Mac to consider digital assets recorded on distributed ledgers when evaluating eligibility for single-family mortgage loans, and prohibits mandating the conversion of these digital assets into U.S. dollars.
Data shows that in the first quarter of 2025, homeownership among Americans under 35 dropped to 36.6%, the lowest level since records began in 1982. Meanwhile, the "State of Cryptocurrency Ownership Report" indicates that 21% of American adults currently hold cryptocurrency, with 67% of holders being under the age of 45.
The bill aims to improve younger generations' access to home loans by recognizing digital assets as a measure of wealth. This move serves as a legal affirmation of a prior directive from the Federal Housing Finance Agency regarding "considering cryptocurrency as an asset in single-family loans delivered to Fannie Mae and Freddie Mac."
