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This Government Move is a Game Changer for US Crypto Owners
Another day, another way that crypto is disrupting a multi-trillion-dollar legacy market.
Bill Pulte, the head of the Federal Housing Finance Agency (FHFA), has directed Fannie Mae and Freddie Mac to begin recognising certain cryptocurrency holdings as legitimate assets when assessing mortgage applications.
Until recently, most crypto holders would have been forced to liquidate their digital assets to put towards a mortgage.
While some lending services exist that allow some cryptos, particularly BTC or ETH, to be used as collateral for receiving fiat loans, these are still few and far between.
What is surprising is how many cryptocurrencies will be accepted as part of this.
Which ones? Those that “can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws” will make the cut.
As Coinbase and Kraken, two of the USA’s largest centralised exchanges, support a broad range of cryptocurrencies, loan underwriters will receive some unusual applications in the coming months…
