Mace Seeks to Revolutionize Mortgage Rules with Crypto-Friendly Legislation

US Representative Nancy Mace is once again pushing for her American Homeowner Crypto Modernization Act, which seeks to update mortgage underwriting rules to recognize cryptocurrency holdings. In a recent post on Elon Musk's X social media network, Mace argued that owning crypto should not disqualify individuals from homeownership.

Mace emphasized that the current system is 'stuck in the past,' preventing hardworking Americans who have built wealth through cryptocurrency from using those assets to qualify for a mortgage. She believes her legislation would bring mortgage rules 'into the 21st century.'

The bill, reintroduced last year, aims to require federal housing agencies to update their mortgage underwriting programs, guidelines, and standards. This includes the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA), the Department of Veterans Affairs (VA), and the Federal Housing Finance Agency (FHFA).

Borrowers would be required to provide proof of ownership, transaction records, exchange documentation, and other evidence to verify their crypto holdings. Mace argues that this is not about allowing borrowers to simply list any crypto wallet balance, but rather about recognizing verified assets.