Rep. Nancy Mace has renewed efforts to update how cryptocurrency assets are counted during home loan applications. Her American Homeowner Crypto Modernization Act aims to force federal housing agencies to acknowledge verified digital asset holdings as part of mortgage underwriting.
Mace highlighted on Elon Musk's X platform that crypto owners face unfair hurdles when applying for mortgages. Under current rules, despite building real wealth through cryptocurrency, Americans cannot easily convert these holdings into home-buying power.
Details of the Proposed Legislation
Originally introduced last year, Mace's bill is under review by the House Committee on Financial Services and the House Committee on Veterans’ Affairs. It targets federal agencies including the Department of Housing and Urban Development (HUD), Department of Agriculture (USDA), Department of Veterans Affairs (VA), and the Federal Housing Finance Agency (FHFA).
The law would not allow simply listing crypto wallets without proof. Borrowers must verify their crypto ownership with transaction histories and exchange documents, ensuring the assets are legitimate and accessible.
Current Mortgage Practices and Crypto Challenges
Traditional mortgages consider assets like savings, investments, stocks, and bonds to qualify applicants. Nevertheless, cryptocurrency is largely excluded or treated differently, restricting crypto holders from leveraging their wealth toward homeownership.
Mace stated, "If you worked hard, built wealth, and want to buy a home, the federal government should not stand in the way because the system refuses to recognize your assets." She argues that existing rules are outdated and block many from accessing the American Dream.
Before any reform occurs, the bill must clear committee reviews and be approved by Congress. The legislation represents a push to modernize financial systems in light of growing digital asset adoption.
Material is for informational use only and does not constitute financial advice.
