By: Joseph E. Silvia
On Wednesday, June 25, 2025, Federal Housing Finance Agency (“FHFA”) Director William Pulte issued a directive to Fannie Mae and Freddie Mac to “prepare a proposal for consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessment, without conversion of said cryptocurrency to U.S. dollars.” The Order was issued as Decision No. 2025-360 by FHFA.
This is the first material announcement that would incorporate digital assets into the U.S. mortgage system in a way that would allow the GSEs to consider additional categories of borrower assets when evaluating loan repayment risk. Director Pulte’s Directive further indicated that this broadening of borrower asset consideration may enable the GSEs to “facilitate sustainable homeownership to creditworthy borrowers.”
What this means for lenders will ultimately depend on implementation by the GSEs, but it represents at least a further expansion of cryptocurrencies as an asset class in the mainstream financial system.