The U.S. Federal Housing Finance Agency (FHFA) is introducing a new directive allowing cryptocurrency assets to be considered in mortgage assessments.
Explanation of the New FHFA Directive
On June 25, 2025, FHFA Director William J. Pulte issued a directive instructing mortgage giants Fannie Mae and Freddie Mac to develop proposals for including cryptocurrencies in mortgage risk assessments. Previously, digital assets were not considered in lenders’ risk models unless they were converted to fiat.
Criticism and Concerns
Critics point out that the directive does not include self-custodied assets, which may exclude crypto-native users who value decentralization. The directive also calls for additional measures to ensure sound underwriting practices while considering market volatility.
Shift in U.S. Financial Systems
This is not the first time cryptocurrency has been recognized as legitimate collateral in U.S. financial systems. In June, JPMorgan Chase began accepting Bitcoin ETFs as loan collateral. Anchorage Digital also offers crypto-backed loans, and BlackRock's tokenized money market fund is accepted as collateral for institutional trading.
With the adoption of the FHFA's directive, cryptocurrency assets may become a standard in U.S. mortgage finance, providing greater financial inclusion for digital asset holders.
