On June 26, 2025, the Federal Housing Finance Agency (FHFA), led by William Pulte, issued a historic guideline that could mark a turning point in the relationship between the traditional financial system and digital assets.
Under these new regulations, Fannie Mae and Freddie Mac — the government-backed giants in the U.S. mortgage market — must start consider cryptocurrencies as part of mortgage applicants' liquid assets, provided that these assets are held in centralized exchanges regulated in the United States. The most notable thing is that it will not be necessary to convert these assets to dollars for them to be taken into account, which represents a structural change compared to the previous approach.
Until now, the general rule required that any digital asset be liquidated in fiat currency to be considered as part of the funds available in a mortgage application. This meant that users had to sell their cryptocurrencies, which was not only tax-inefficient, but could also go against their long-term financial interests. The new provision represents a significant step forward for cryptocurrency investors, as it allows them to maintain their exposure to these assets while simultaneously improving their ability to access a traditional mortgage.
This measure will allow cryptocurrency holders to use their digital assets as financial support, strengthening their credit profile without the need to liquidate their positions or assume the capital gains taxes that this would entail. This possibility of using cryptocurrencies as collateral, without the need for sale, introduces a more sophisticated asset logic adapted to the digital age. By not getting rid of their assets, applicants preserve their potential for future revaluation, which can be critical in a context of sustained appreciation of certain digital assets such as Bitcoin or Ethereum.
The change is particularly relevant at a time when the U.S. housing market is suffering from a lack of accessibility, high interest rates and a limited supply. The integration of cryptocurrency into the mortgage process could offer new avenues of liquidity for young buyers with digital assets, but without large traditional savings. In turn, it allows lenders to more fully evaluate the creditworthiness of applicants based on contemporary financial criteria, better reflecting the digital economy in which more and more citizens are immersed.
The new approach also responds to a broader political vision, driven by the current administration of former President Trump, which seeks to position the United States as a world leader in the adoption of digital assets and Web3 technologies. This move aligns with previous statements by Republican Party leaders about the need to modernize the financial system and maintain U.S. competitiveness in emerging technologies. In this context, the measure promises to energize both the real estate sector and the crypto ecosystem, although it has also generated important controversies that are analyzed throughout this article. The initiative represents a turning point that, if implemented responsibly, could redraw the boundaries between traditional and decentralized finance.
Context: an economy in transformation
For several years now, the global economy has been undergoing a process of profound digitalization. The rise of decentralized technologies, open finance (DeFi), non-fungible tokens (NFTs), and smart contracts have reconfigured traditional notions of value, ownership, and funding. In this scenario, cryptocurrencies have gone from being considered simple speculative instruments to occupying a key place in investment portfolios, fiscal strategies and now, in real estate financing structures.
The United States, which has historically been cautious in regulatory matters vis-a-vis digital assets, has begun to adopt a more pragmatic stance in recent years. International pressure, especially from countries such as Switzerland, the United Arab Emirates or Singapore, which have already normalized the use of cryptoassets in their financial infrastructure, has led the North American country to accelerate its integration of these technologies.
Within this framework, the FHFA found an opportunity to modernize access to mortgage credit. The agency, responsible for supervising Fannie Mae and Freddie Mac, sought to incorporate the new financial realities of citizens, where digital capital has as much or more weight than traditional bank savings. This opening also occurs in an electoral context where the Donald Trump administration has returned to power with an explicitly pro-crypto agenda, which favors more aggressive policies of integration between traditional and decentralized finance.
The move also responds to growing demand from the fintech ecosystem, which since 2022 has pushed for regulated interoperability between digital assets and traditional financial products. In particular, the digital mortgage (mortgage tech) industry has been interested in capturing the market of digital natives who hold much of their wealth in cryptocurrency. The new FHFA provision not only validates that approach, but it opens the door to a broader reconfiguration of the American mortgage system.
Economic Implications
The possibility of using cryptocurrency as a mortgage backup not only expands access to credit for citizens, but can also have substantial effects on macroeconomic dynamism. First, an increase in demand for mortgages is expected, driven by those financial profiles that, until now, were left out of the traditional banking system due to the lack of liquid assets in fiat currency. This could translate into a rebound in the real estate market, especially in segments such as housing for young professionals or technologists who accumulate wealth in cryptoassets.
In parallel, by formally recognizing the value of cryptocurrencies in credit processes, a new incentive is created for holding these assets. Many investors could choose to hold their positions in Bitcoin, Ethereum or other high-cap currencies, knowing that their use is not limited to exchange or speculation, but can now be functional within traditional financial processes. This could create upward pressure on the value of certain digital assets, especially if their demand increases for collateral reasons.
In addition, traditional banks and financial institutions will be forced to develop specific products to correctly analyze, guard and value the cryptocurrencies presented as backup. This could generate new jobs in digital asset analysis, crypto risk assessment and regulated custody services, favoring the expansion of the fintech sector. Companies providing custody services — such as Coinbase, Fidelity or BitGo — could experience a significant increase in their activity.
On the other hand, an indirect effect on taxation is also expected. By allowing digital assets to be used without liquidation, taxpayers will avoid incurring taxable events, which could reduce capital gains tax collection. This effect, however, could be partially offset by the economic growth generated by credit expansion and real estate dynamism.
Systemic Risks and Regulatory Challenges
Despite the enthusiasm generated by the measure, not a few analysts warn about potential risks. First, there is an obvious concern regarding the volatility inherent in digital assets. While centralized exchanges provide reliable data for asset valuation, the price of a cryptocurrency can fluctuate dramatically in a matter of days. This introduces a level of uncertainty in mortgage balances that traditional models did not contemplate.
The risk is even greater considering a bearish scenario in the crypto market, where the value of assets could plummet right after the credit was granted, weakening the borrower's equity position and generating tension on the mortgage system. In such a case, Fannie Mae and Freddie Mac could accumulate loans backed by assets whose value no longer meets the minimum required threshold, a situation that could recall, on a smaller scale, some of the valuation errors prior to the 2008 financial crisis.
Another point of friction is regulatory harmonization. Although the FHFA has issued a clear guideline, there are still tensions between different federal agencies—such as the SEC, the Treasury, and the OCC—regarding the legal status of cryptocurrencies, especially those that are not considered commodities like Bitcoin. This disagreement could lead to contradictory regulations or to an excess of bureaucracy that limits the effective implementation of the measure.
There is also concern about the lack of common standards for the assessment of risk associated with digital assets. While traditional financial markets have decades of historical data and robust methodologies, the crypto world is still operating in relatively new territory, where even reserve audits can be subject to manipulation or controversy. The development of solid and auditable technical criteria will be key to ensuring that this policy does not become a source of systemic fragility.
Reactions from the financial sector and the crypto industry
The news was greeted with enthusiasm in financial markets, especially among regulated exchange platforms in the US. In the US, such as Coinbase, Kraken and Gemini, whose shares and trading volumes skyrocketed after the announcement. Coinbase, for example, immediately announced a new line of products designed to facilitate the certification of crypto funds to mortgage institutions, anticipating the growing demand for these services.
In the traditional banking ecosystem, reactions were more cautious. While some entities, such as JPMorgan Chase or Bank of America, have shown interest in exploring controlled integrations, other voices have expressed concern about the associated risks. Larry Fink, CEO of BlackRock, warned in an interview that “enthusiasm cannot replace regulatory diligence,” and called for strengthening transparency mechanisms before allowing mass adoption.
Fintech associations, on the other hand, celebrated the movement as a “structural modernization of the mortgage system”. The Blockchain Association, the Crypto Council for Innovation and several digital rights defense organizations noted that the measure is consistent with the demands of a new generation of financial citizens. From the Web3 ecosystem, leaders such as Vitalik Buterin and Jack Dorsey also expressed their support, although they warned of the risk of co-opting cryptospace by traditional banking structures.
At the international level, several countries have closely followed the evolution of this policy. In Europe, where MiCA regulations already provide a general framework for cryptoassets, some experts believe that the US measure could accelerate the adoption of similar policies in countries such as Germany, France or the Netherlands. In Latin America, where access to mortgage credit is low but crypto adoption is high, some analysts suggest that it could be an opportunity to rethink the financial architecture.
Future Perspectives
The implementation of this measure marks a milestone, but it also raises multiple questions about its future evolution. One of the most important will be the standardization of technical criteria: what types of assets will be accepted? , how will they be valued in volatile markets? , which platforms will be valid as regulated guardians? Resolving these questions will be essential to scale the measure to the national level without creating friction or legal uncertainty.
In parallel, this integration between crypto and traditional finance could accelerate the emergence of hybrid financial products: tokenized mortgages, loans secured by real estate NFT, insurance collateralized with stablecoins, and others. The line that separates the traditional world from the decentralized world could become more blurred in the coming years, especially if interoperability protocols are developed between financial institutions and DeFi platforms.
It could also change the average homebuyer profile. Young professionals, freelancers and developers with crypto income—hitherto excluded or penalized for their lack of traditional banking history—could gain access to their own housing through fairer financial evaluation models. This would not only have an economic impact, but also a social one, opening the doors of the real estate market to sectors previously marginalized by the rigidities of the system.
Finally, the success or failure of this policy will be observed with a magnifying glass by other countries. If the implementation is positive, the United States could consolidate itself as a global benchmark in digital financial integration. On the other hand, if frauds, defaults or valuation crises appear, the movement could turn against the crypto ecosystem itself, reinforcing more conservative positions. What is clear is that the FHFA announcement has moved important chips on the global board, and its consequences are yet to be known.
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