Sen. Cynthia Lummis (R-Wyo.) proposed a bill on Tuesday that seeks to incorporate cryptocurrencies into the mortgage eligibility process.
What Happened: The proposed legislation, dubbed the 21st Century Mortgage Act, requires government-sponsored enterprises to consider digital assets, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), for single-family home loans.
If passed, the bill will direct federally backed mortgage giants Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) to include digital assets recorded on a “cryptographically-secured distributed ledger” in their mortgage risk assessments for single-family home loans.