The Federal Housing Finance Agency (FHFA) officially announced on June 24, 2025, that it is examining the potential inclusion of cryptocurrency assets in the mortgage application evaluation process, which could represent a significant shift in the $12 trillion US mortgage market. The FHFA, which oversees the federal mortgage financing corporations Fannie Mae and Freddie Mac, is planning a new regulatory framework that would allow lenders to consider homebuyers' digital assets when assessing creditworthiness. According to FHFA Director Sandra Thompson, this measure responds to the changing nature of financial assets and the fact that approximately 52 million American cryptocurrency owners already hold more than $1.7 trillion in digital assets that lenders currently cannot consider.
The regulator's examination coincides with a worsening US housing crisis, where average home prices have increased by 18.3% over the past 12 months, while average mortgage rates hover around 6.85%, representing a 15-year high. The FHFA proposal contemplates different valuation methods for various cryptocurrencies: Bitcoin and Ethereum would be subject to a 50% value reduction due to market volatility, while stablecoins could be counted at up to 95% of their value. According to Mortgage Bankers Association data, 37% of potential homebuyers hold some form of cryptocurrency, and nearly 64% would use these assets to improve their down payment or creditworthiness if regulations permitted—based on a survey of 8,500 participants conducted in May 2025.
The proposed changes have received mixed reactions from financial experts: Mark Calabria, former FHFA director, supports the proposal, stating that our regulatory framework needs to keep pace with the evolution of financial assets, while the Consumer Financial Protection Bureau (CFPB) has expressed concerns about volatility and consumer protection risks. The FHFA has launched a public consultation period that runs until September 15, 2025, with a final decision expected in the first quarter of 2026. According to the latest data, if the proposal is adopted, potentially 2.8 million new buyers could enter the housing market, which the Harvard University Joint Center for Housing Studies suggests could increase mortgage applications by 7.4% over the next 24 months.
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Francisco Rodrigues
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