Trump Admin Orders Fannie Mae, Freddie Mac to Recognize Crypto as Mortgage Asset
Directive marks historic step toward integrating digital assets into U.S. housing finance system.
In a groundbreaking policy shift, the Trump administration has instructed mortgage giants Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) to begin treating cryptocurrency as a verifiable asset in single-family mortgage risk assessments, a move that could redefine how Americans qualify for home loans.
The directive, issued Wednesday by Federal Housing Finance Agency (FHFA) Director William J. Pulte, orders the two government-sponsored enterprises (GSEs) to develop plans that formally incorporate digital assets like Bitcoin (BTCUSD), Ethereum (ETHUSD), and Solana (SOLUSD) into their underwriting models. Crucially, the guidance allows borrowers to use crypto holdings without converting them to U.S. dollars.
“After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,” Pulte said on X.
After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage.
SO ORDERED pic.twitter.com/Tg9ReJQXC3
— Pulte (@pulte) June 25, 2025
Major Break from Traditional Lending Norms
Historically, mortgage lenders have required that cryptocurrency be sold and converted into fiat currency before it could count toward a borrower’s reserves. This new FHFA mandate disrupts that standard by recognizing crypto as legitimate collateral, so long as it’s held on U.S.-regulated, centralized exchanges and meets clear evidentiary requirements.
According to the FHFA order, both Fannie Mae and Freddie Mac must create internal safeguards that account for the inherent volatility of crypto markets. Each GSE is tasked with designing a risk-adjusted framework and submitting a formal proposal for board review, followed by final FHFA approval.
The FHFA emphasized that digital assets, when properly accounted for, may broaden financial access by diversifying the types of reserves considered during underwriting.
“Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” the official directive states.
Rising Institutional Acceptance of Crypto
The decision comes amid a broader trend of cryptocurrency gaining traction across traditional finance. JPMorgan (NYSE: JPM) has begun allowing high-net-worth clients to use crypto-based exchange-traded funds (ETFs) as loan collateral. Meanwhile, stablecoins like USD Coin (USDC) are slated for use in futures trading settlements next year.
In real estate, crypto-backed mortgage products have already appeared at the niche level. Ledn co-founder Mauricio Di Bartolomeo previously noted that many Bitcoin holders have financed property purchases without liquidating their digital assets, a process this policy now seeks to mainstream.
In an interview with the Associated Press, Danielle Hale, chief economist at Realtor.com, stated:
If Fannie and Freddie are going to accept cryptocurrency as collateral, that’s a strong incentive for banks to shift their practices. Because people who might otherwise have to sell cryptocurrency to qualify — and maybe that’s a deal-breaker for them now — under this new policy, they can qualify. It sort of expands the potential pool of eligible buyers.
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Supporters Say It Levels the Playing Field
Crypto advocates have welcomed the move as a long-overdue recognition of the asset class’s financial validity. As of early 2025, public disclosures show that Pulte’s spouse holds between $500,000 and $1 million in both Bitcoin and Solana, underscoring a personal connection to the market’s rise.
Daryl Fairweather, chief economist at Redfin, also voiced support, adding a note of caution.
Fairweather told reporters:
This is a big win for advocates of cryptocurrencies who want crypto to be treated the same way as other assets are. As long as lenders are appropriately discounting crypto based on volatility, it’s fine that crypto investments count toward reserves.
Fannie Mae and Freddie Mac play a vital role in the U.S. housing ecosystem, backing roughly half of the $12 trillion mortgage market. The move to broaden their asset recognition standards could provide a new path to homeownership for a growing number of crypto-first investors, especially younger Americans whose net worth may be rooted more in digital wallets than bank accounts.
Implementation Still Under Review
While the FHFA order takes effect immediately, the actual inclusion of crypto in mortgage assessments remains subject to proposal development and final approval. Both agencies must act “as soon as reasonably practical” to present detailed frameworks, according to the directive.
The move aligns squarely with President Trump’s push to reestablish U.S. dominance in the crypto sector, part of a broader campaign pledge to eliminate regulatory barriers and encourage Web3 innovation.
With this policy, crypto assets may finally stand shoulder to shoulder with traditional investments in one of the most tightly regulated arenas in American finance: home lending. Whether other regulators follow suit remains to be seen, but the FHFA just opened the door.
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