After US markets closed on Wednesday, June 25, 2025, the new Director of the US Federal Housing Finance Authority, William Pulte, issued an order via X (formerly Twitter) directing Fannie Mae and Freddie Mac to prepare proposals to consider certain cryptoassets as reserves in connection with mortgage loan risk assessments (the “Order”).

The Order recognized crypto as an emerging asset class providing opportunities to build wealth beyond traditional stocks and bonds and opened the door for home purchasers (of single family homes only) to include the cryptoassets they hold on US regulated exchanges in their native form (i.e. the cryptoassets do not have to be liquidated) to count towards determining mortgage affordability. The Order is effective immediately and Director Pulte requested that implementation take place as soon as reasonably practicable.

Whilst overshadowed by the Israel-Iran War and various US Supreme Court wins for the Trump Administration, the significance of this change should not be underestimated as it will have real impact for millions of potential American homeowners.  

Furthermore, given that Fannie Mae and Freddie Mac underpin the US mortgage market by buying loans from lenders that meet their standards, these new guidelines mandated by Director Pulte will have to be adhered to by lenders and are likely to have a significant effect on the ability of crypto market participants to use their cryptoassets to take out larger loans that they would have otherwise been able to and use those loans to purchase real estate.  

This order brings us one step closer to a potential future where banks may be allowed to consider cryptoassets as part of a collateral pool for other types of loans, subject to robust risk management, including adjustments for market volatility as the Order notes, and of course regulatory approval.