Homebuyers in the U.S. will soon have another option to use as an asset when applying for a mortgage. Under a new order from the Trump administration, those looking to buy a house will be able to use cryptocurrency to secure a loan.
What’s the directive?
The Federal Housing Finance Agency issued a directive on Wednesday, June 25, to lenders Fannie Mae and Freddie Mac, formally ordering them to consider crypto when conducting mortgage loan risk assessments.
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The order directs these companies to develop proposals that allow borrowers to count cryptocurrency holdings as assets without needing to trade them for U.S. dollars before closing on a loan.
Fannie Mae and Freddie Mac hold or guarantee more than half of the country’s mortgages.
In a post on X, the head of the FHFA said the move is in line with President Donald Trump’s plan to make America the “crypto capital of the world.”
A big change
Lenders typically exclude cryptocurrency from the underwriting process because they find it too volatile and difficult to verify reserves. This directive changes that.
During President Joe Biden’s administration, both Fannie and Freddie issued guidance saying homebuyers could not use cryptocurrency as a form of income to qualify for a mortgage, “due to the high level of uncertainty associated with cryptocurrency.”
However, in recent years, the cryptocurrency industry has experienced rising acceptance in the financial sector as more people accept crypto for payments, more banks do business with the industry, and federal policies embrace digital assets more.
“Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” the FHFA order stated.
Not just any crypto
The FHFA directive said the companies are only allowed to consider digital assets that are stored in a “U.S.-regulated centralized exchange.” It also requires Fannie Mae and Freddie Mac to develop internal processes for weighing market volatility and risk in cryptocurrency.
Both companies will have to submit their assessment proposals to their boards of directors for approval and then to the FHFA for final review.
Trump’s views on crypto
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President Donald Trump received more than $57 million from his ownership stake in World Liberty Financial, a cryptocurrency platform established last year.
During his first term, Trump voiced skepticism over cryptocurrencies. He has since changed his stance and even launched his own branded digital token, “$TRUMP.”
He has also become a strong supporter of stablecoins, a type of cryptocurrency designed to maintain a stable value, usually pegged to the U.S. dollar.
According to a report from the Office of Government Ethics earlier this month, Trump received more than $57 million from his ownership stake in World Liberty Financial, a cryptocurrency platform established in 2024. That report did not include the $TRUMP meme coin, which just launched in January because it only covered 2024.
And just days after taking office in January, Trump signed an executive order tasking the Presidential Working Group on Financial Markets with creating guidelines for digital financial technology. In March, he announced that five crypto companies would form a U.S. strategic reserve.
The future of crypto in America
On June 17, the Republican-led Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which will create a federal regulatory framework for stablecoins. The bill must now be approved by the House before it can be sent to the president’s desk for final approval.
In a post on his Truth Social platform following the Senate’s vote, President Trump said the GENIUS Act will make America the “UNDISPUTED Leader in Digital Assets,” which he said are the future. He also called on the House to “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
During testimony before the House Financial Services Committee on Wednesday, June 25, Federal Reserve Chair Jerome Powell said stablecoins have matured and become more mainstream in recent years. He also said regulators are reassessing decisions made regarding crypto during its early development.
“All of us are revisiting the things that were done during that era,” he told lawmakers.
Powell also reiterated that the Fed is currently reviewing and even withdrawing some crypto-related guidance it had issued during the Biden administration.
