Fannie Mae and Freddie Mac are preparing to count crypto as assets for mortgages

Since the 2008 subprime mortgage crisis, the Federal Housing Finance Agency (FHFA) has been responsible for regulating, supervising, and overseeing the housing missions of Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that play a central role in the U.S. housing finance system by buying and selling mortgages.

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Fannie Mae and Freddie Mac were placed into federal conservatorship after the housing market collapse significantly impaired their finances, necessitating government intervention. Since then, the FHFA has conducted annual reviews of their financial stability, risk management, and operational soundness.

Today, these two GSEs back more than half of all U.S. mortgages.

Now, under a new directive from FHFA Director Mark Pulte, Fannie Mae and Freddie Mac are required to submit proposals evaluating the inclusion of cryptocurrency as a reserve asset in their single-family mortgage risk assessments—without converting those assets to U.S. dollars. The directive specifies that only cryptocurrencies stored and verifiable on U.S.-regulated centralized exchanges, and compliant with all applicable laws, may be considered.

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Since entering his second term, President Donald Trump—who notably accepted crypto donations during his re-election campaign—has prioritized a sweeping overhaul of U.S. digital asset policy.

Earlier this year, Trump signed an executive order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, a move the White House says is intended to make America “a leader among nations in government digital asset strategy.”

In May, the Trump Media and Technology Group revealed a $2.5 billion agreement with institutional investors to launch a bitcoin treasury.

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That same month, Vice President JD Vance appeared at the Bitcoin 2025 Conference in Las Vegas, emphasizing that the Trump administration’s digital asset strategy marks a sharp shift toward industry support compared to previous administrations.

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