U.S. Senator Cynthia Lummis, a strong supporter of digital assets, just introduced her latest bill allowing Americans to use their crypto holdings for mortgages.
Lummis’s bill would formalize this by allowing a borrower’s digital assets, if securely held by a qualified custodian, to be counted as part of their reserves without converting them into USD. This means you wouldn’t have to sell your crypto just to prove you have a dollar, ultimately saving on taxes and supporting further asset growth.
Senator Lummis noted that the law is especially important for younger Americans. Many of them are saving in crypto but have a hard time entering the housing market.
Lummis believes this bill is a necessary upgrade for government agencies to keep up with a ‘modern, forward-thinking generation.’
Still, this bill is a significant step toward making crypto a legitimate asset for major financial decisions.
If this legislative change interests you, it’s helpful to understand how it functions. While the bill intends to simplify things, some key aspects will remain unchanged.
Lenders are likelier to prefer verified digital assets stored on U.S.-regulated centralized exchanges. This reduces risks from price fluctuations and ensures compliance with anti-money laundering (AML) regulations.
Also, whilst crypto may help you get the loan, you’ll not be able to pay the mortgage in crypto. You will still need a steady income and a good credit score.
As finance evolves, understanding what cryptocurrencies are, well-established and widely recognized, could be a major advantage for future mortgage programs.
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