The United States may consider incorporating Bitcoin and other crypto assets into the mortgage assessment system.

Recently, the Director of the Federal Housing Finance Agency (FHFA) in the United States stated that he has requested the two major mortgage giants to study the inclusion of Bitcoin and other Crypto Assets into the mortgage assessment system. This news has attracted market attention, and Bitcoin immediately rose by 2.2%, breaking through $107,000, with the market share rising to 66%.

It is worth noting that the current FHFA director is a descendant of a founder of a large home builder, who took office in March 2025. Unlike his predecessor, he has publicly supported Crypto Assets since 2019 and has used social media influence to promote the adoption of digital assets. According to financial disclosures, he personally holds Bitcoin and Solana worth between $500,000 and $1 million, and also holds shares in a certain US Bitcoin mining company.

The two institutions required to conduct research play a key role in the U.S. mortgage market. They are not banks that provide loans directly to homebuyers, but act as market makers in the secondary mortgage market, ensuring liquidity in the loan market. As of 2025, they support about 70% of the mortgage market. This means that the majority of conventional loans provided by private lenders will ultimately be supported or purchased by one of these two entities.

The FHFA was established in 2008 after the collapse of the U.S. housing market, aiming to strengthen regulation and maintain the safety and liquidity of the mortgage finance system. Its policy changes will have profound impacts on potential homebuyers and the entire financial industry. Although the scrutiny of crypto assets is still in its early stages, this consideration itself reflects a shift in the relevance of crypto assets and leadership priorities.

Currently, borrowers in the United States who wish to use digital assets in the mortgage process must first convert them to US dollars and deposit them into a regulated US bank account. To comply with down payment or reserve guidelines, these funds must also be held in the account for at least 60 days. The FHFA's review is expected to examine whether these regulations need to be updated.

The valuation of Crypto Assets may be a key area of research. Due to their volatility, lenders may be reluctant to accept the full market value when assessing a borrower's assets. A "discount" method similar to that used in traditional finance may be employed, where a portion is deducted from the declared value to account for potential price fluctuations.

The history of holdings may also be subject to scrutiny. Lenders typically favor assets that have been held for the long term. Assets with clear documentation, consistent custody, and minimal transaction activity may carry more weight than assets that were acquired recently or transferred frequently.

Stablecoins may be considered separately. Tokens like USDC and USDT are designed to maintain a stable value relative to the US dollar and may be more suitable for underwriting purposes. However, their treatment will depend on the regulatory body's acceptance of their structure, custody arrangements, and transparency standards.

The private market has begun to experiment in this field. A lender based in Florida launched one of the first Crypto Assets mortgage products in the US in 2022, allowing borrowers to pledge digital assets as collateral and obtain financing of up to 100% of the home's value without having to sell their cryptocurrency. As of early 2025, the company reported that it had issued over $65 million in Crypto Assets mortgage loans.

Other fintech companies are also exploring large-scale encryption-backed mortgage plans, offering loans of up to $20 million, using digital assets as collateral. There are also companies that have launched "Bitcoin savings accounts," allowing users to obtain dollar loans with a loan-to-value ratio of 50%.

However, these private products operate outside the federal mortgage system and cannot enjoy the same level of liquidity and risk sharing as traditional loans, which often results in higher interest rates. Another limitation is the risk, as crypto mortgages usually require over-collateralization to offset volatility.

If the FHFA chooses to advance this policy, it will mark the transition of Crypto Assets from investment products to practical financial tools. Although the specifics will take time to materialize, it has already sent a strong signal to the market: the mainstream financial system is opening its doors to Crypto Assets.