Crypto holdings may soon be factored into U.S. mortgage applications under a new directive from the Federal Housing Finance Agency (FHFA).
On June 25, FHFA Director William J. Pulte issued guidance instructing mortgage giants Fannie Mae and Freddie Mac to draft proposals for incorporating cryptocurrency assets into single-family mortgage risk assessments. Until now, digital assets were excluded from these evaluations unless converted to traditional fiat currency.
The directive signals a significant policy shift, potentially allowing verified crypto holdings to count as part of a borrower’s financial reserves during the loan approval process—without requiring conversion into U.S. dollars. Before implementation, both Fannie Mae and Freddie Mac must submit board-approved plans. Only crypto assets held on regulated U.S. exchanges will be eligible for consideration.
The FHFA’s directive also emphasized the need for additional safeguards to ensure responsible underwriting and account for the inherent volatility of crypto markets. However, critics have noted that the policy excludes self-custodied crypto assets—an omission that could limit participation from crypto-native users who prioritize decentralization and personal control over their holdings.
Questions have also arisen about potential conflicts of interest related to FHFA Director William J. Pulte. As of January 2025, his spouse reportedly held between $500,000 and $1 million in Bitcoin and Solana. While no misconduct has been alleged, the timing of the directive has led to scrutiny over possible ethical concerns.
This is not the first instance of cryptocurrency gaining legitimacy as collateral in the U.S. financial system. In June, JPMorgan Chase began accepting spot Bitcoin exchange-traded funds (ETFs), such as BlackRock’s iShares Bitcoin Trust, as collateral for loans. Though not a direct endorsement of crypto itself, the move reflects a major shift for a traditional banking giant.
Elsewhere, federally chartered crypto bank Anchorage Digital has partnered with Arch Lending to provide crypto-backed loans using Bitcoin, Ethereum, and Solana as collateral. Meanwhile, BlackRock’s tokenized money market fund, BUIDL, is now being accepted as collateral for institutional trading on platforms like Deribit and Crypto.com.
Together, these developments point to a growing comfort within traditional finance with digital assets as legitimate collateral. If the FHFA’s crypto directive moves forward, crypto-backed mortgages could become a new standard in U.S. housing finance—broadening access to credit and financial inclusion for crypto asset holders.
