Deng Tong, Jinse Finance
Original Title: Crypto Assets Blow into the US Real Estate Industry
On Wednesday local time, William J. Pulte, Director of the Federal Housing Finance Agency (FHFA), posted on social media: "After in-depth research and following President Trump's vision of making the United States the 'crypto capital', today I order Fannie Mae and Freddie Mac to prepare to recognize cryptocurrency as a qualifying asset for mortgage loan applications." This directive marks a potential major transformation in the asset review standards for assessing mortgage loan qualifications by US government-supported enterprises, and is consistent with the Trump administration's established goal of promoting cryptocurrency proliferation in the United States.
Finally, the wind of crypto assets has blown into the US real estate industry.
I. Why List Cryptocurrency as a Qualifying Asset for Mortgage Applications?
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]3. Promoting the Integration of Crypto Assets with Traditional Financial Systems
The FHFA's directive is a major breakthrough for cryptocurrencies in the traditional financial sector, signifying that digital assets are being incorporated into the core of the US housing credit system, with cryptocurrencies playing an equally important role as fiat currency in people's lives. This will also encourage people to better understand crypto assets and accelerate their adoption in daily life.
IV. What Do Industry Professionals Think?
Bitcoin supporters praised Pulte's open attitude, with some stating that digital assets already have features that lenders appreciate, such as transparent paper records.
Daryl Fairweather, Chief Economist at Redfin: "This is a major victory for cryptocurrency advocates, giving digital assets equal treatment to other assets. Currently, stock investments are listed as qualified reserve assets, but lending institutions typically discount highly volatile individual stocks or cryptocurrencies. As long as valuations are reasonably adjusted based on volatility, including crypto assets in reserves is entirely feasible."
Danielle Hale, Chief Economist at Realtor.com: "If these two giants accept cryptocurrencies as collateral, it will strongly push banks to change existing rules. Those who previously had to sell crypto assets to qualify—which might have been a key reason for giving up on home purchases—can now directly obtain loan eligibility, essentially expanding the pool of qualified buyers."
Mitchell Askew, analyst at Blockware Mining as a Service, stated that the asset's liquidity and transparent custody (via its public blockchain) make it a "perfect collateral" for housing loans.
Some industry professionals also expressed concerns.
Strike, a Bitcoin mortgage company, noted that current forms of crypto loans carry some risks. Volatility is a primary factor. If BTC's price drops significantly, the loan-to-value ratio would increase, "which could trigger margin calls or liquidation—forcing a sale at an inappropriate time."
One commentator believes lending institutions also face risks: "The risk model in this area is simply crazy. Traditional mortgages assume the borrower's income and assets are relatively stable. Now, you're facing borrowers whose net worth could fluctuate 50% in a week. How do you stress test a portfolio when your collateral includes everything from Bitcoin to random DeFi tokens?"
