Mace Revives Bill to Recognize Crypto Wealth in Home Loan Applications

Rep. Nancy Mace is pushing to update mortgage underwriting rules to recognize cryptocurrency wealth in home loan applications.

Mace argues that owning cryptocurrency should not disqualify Americans from achieving homeownership, and her legislation aims to bring mortgage rules 'into the 21st century.'

The American Homeowner Crypto Modernization Act would require federal housing agencies to modernize their mortgage underwriting programs, guidelines, and standards.

Currently, borrowers can list various assets such as savings accounts, investment accounts, stocks, bonds, etc. in traditional mortgage evaluations, but cryptocurrency holdings are treated differently.

Mace's legislation focuses on verified crypto holdings, requiring proof of ownership, transaction records, exchange documentation, and so on.