The U.S. Federal Housing Finance Agency (FHFA) has issued a directive mandating Fannie Mae and Freddie Mac to consider cryptocurrency holdings as part of their mortgage risk assessments for single-family loans Mortgage in the U.S..
The directive, issued under Decision No. 2025-360, marks the first time the U.S. housing regulator has formally recognized cryptocurrency as a potential financial asset in home loan considerations. The FHFA, which oversees both Fannie Mae and Freddie Mac, believes the move could broaden access to homeownership while adapting to the evolving financial landscape.
The order, signed by FHFA Director William J. Pulte, comes amid growing use of cryptocurrency among American households and a wider push toward financial innovation within regulated markets.
“Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” the FHFA stated.
Traditionally, Fannie Mae and Freddie Mac have required borrowers to convert crypto holdings into U.S. dollars prior to loan closing, treating such assets as non-recognized during risk assessments. The new directive overturns that precedent, urging the agencies to explore digital currencies as legitimate, risk-assessable holdings.
Under the new mandate, both agencies must submit proposals on how cryptocurrency can be incorporated into existing frameworks for mortgage qualification. This includes evaluating digital assets stored on U.S.-regulated custodial exchanges and developing risk mitigation protocols for volatility, custody, and fraud exposure.
“U.S. Federal Housing FHFA has now determined that the consideration of additional borrower assets in the Enterprises’ single-family mortgage loan risk assessments may enable the Enterprises to assess the full spectrum of asset information available for reserves and to facilitate sustainable homeownership to creditworthy borrowers,” the order reads.
This decision comes amid broader federal efforts to integrate emerging financial technologies with traditional systems, while also safeguarding consumer protection and financial stability.
Industry experts say the decision could unlock new pathways for cryptocurrency holders to enter the housing market, particularly younger investors who are more likely to hold Bitcoin, Ethereum, and other digital assets instead of traditional savings accounts.
“It’s a step forward in recognizing the financial realities of many modern borrowers,” said Amanda Liu, a fintech policy analyst “Cryptocurrency wealth is real, measurable, and increasingly difficult to ignore.”
Still, the FHFA stressed that the inclusion of crypto assets in mortgage reviews will be subject to strict regulatory guidelines and risk-adjusted factors. The directive calls for the Enterprises to consider valuation models, custodianship, and liquidity while also providing for revisions based on market conditions and volatility.
The FHFA has asked Fannie Mae and Freddie Mac to work closely with the agency to develop implementation plans, technical evaluation methods, and internal reporting mechanisms. Their final proposals must receive FHFA approval before going live.
The directive is effective immediately, although it notes that the process should be implemented “as soon as reasonably practical.”
Fannie Mae and Freddie Mac play a critical role in the U.S. housing finance system by purchasing loans from lenders and repackaging them into mortgage-backed securities. By integrating cryptocurrency into the loan risk assessment pipeline, the directive could have far-reaching implications for both borrowers and the secondary mortgage market.
However, the FHFA appears determined to balance innovation with its core mission of maintaining housing market stability.
“Any adjustments for market volatility and risks must meet federal risk-based criteria before implementation,” the directive stated, signaling a cautious but forward-looking approach.
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