Digital Assets Such As XRP Are Being Written Into U.S. Mortgage Law
Main Idea
A new Senate bill introduced by Senator Cynthia Lummis aims to include digital assets like XRP in U.S. mortgage law, requiring government-backed entities to consider them in mortgage eligibility assessments.
Key Points
1. The 21st Century Mortgage Act proposes modernizing mortgage eligibility by incorporating digital assets such as XRP into risk assessments.
2. Government-backed entities like Fannie Mae and Freddie Mac would be required to accept digital assets for home loans under the bill.
3. The bill reflects a broader push to integrate digital assets into traditional finance, despite Senator Lummis's personal preference for Bitcoin over XRP.
4. Previously, crypto holdings were excluded from mortgage calculations, limiting borrowing power for digital asset holders.
5. The legislation could significantly benefit XRP and other digital assets by increasing their legitimacy and utility in financial systems.
Description
A new Senate bill introduced by Senator Cynthia Lummis (R-WY) aims to bridge traditional finance and digital assets. The 21st Century Mortgage Act would modernize mortgage eligibility by requiring government-backed entities, such as Fannie Mae and Freddie Mac, to consider digital assets, such as Bitcoin, Ethereum, and XRP, when evaluating single-family home loan applications, potentially reshaping access to homeownership. This bill has not gone unnoticed, as Crypto-focused influencer X Finance B...
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