The housing regulator in the U.S., the Federal Housing FHFA has officially recognized cryptocurrencies as assets for mortgages.
Director of the agency William Pulte in a tweet on 25 June shared the official order which is effective immediately.
The order directs Fannie Mae and Freddie Mac, two of America’s largest mortgage enterprises, to prepare their businesses to count cryptocurrency as an asset for a mortgage.
Giving America first place
The Trump administration has given crypto an important place since it assumed office. Not only that, the president said he wants to make America the crypto capital of the world.
According to Pulte, the decision to consider crypto as assets for mortgage is in line with Trump’s vision of putting America ahead when it comes to crypto.
This is the first time crypto is being acknowledged in mainstream sectors like housing, which sets the pace for more important use cases to come.
Pulte had a few days ago said his agency was studying the use of crypto in qualifying for mortgage, and today, this has become a reality.
With the order in place, crypto assets will be considered for loan risk assessment without converting them to U.S. dollars.
The enterprises are however advised to only consider crypto assets that can be stored on U.S. regulated centralized exchanges subject to all regulatory demands.
This suggests that although Trump is open to crypto, the government isn’t relaxed on ensuring the security of its citizens who use the technology.
Great days ahead for crypto
The use of crypto as assets to qualify for mortgage is a major achievement for the crypto industry, since crypto has been discriminated against for long.
It seems this is just the first of many great things to come for the industry both int the U.S. and in other parts of the world as well.
What do you think?
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