Senate Democrats press FHFA on crypto use in mortgages

He then directed Fannie Mae and Freddie Mac to “consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws.” Cryptocurrencies under consideration would not need to be converted to U.S. dollars, Pulte said.

The signatories on this week’s letter include include Sens. Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Mazie Hirono (D-Hawaii) and Bernie Sanders (I-Vt.).

“Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,” the lawmakers wrote.

Proponents of crypto-backed mortgages argue that digital assets could expand access to credit for…