[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2471 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2471
To require government-sponsored enterprises to consider digital assets
in a mortgage loan risk assessment.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 28, 2025
Ms. Lummis introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require government-sponsored enterprises to consider digital assets
in a mortgage loan risk assessment.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``21st Century Mortgage Act of 2025''.
SEC. 2. CONSIDERATION OF DIGITAL ASSETS.
(a) Federal National Mortgage Association.--Section 302(b) of the
Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b))
is amended by adding at the end the following:
``(8) Digital Assets in Mortgage Risk Assessments.--
``(A) Definitions.--In this paragraph:
``(i) Digital asset.--The term `digital asset'--
``(I) means any digital representation of
value that is recorded on a cryptographically-
secured distributed ledger; and
``(II) does not include any asset that--
``(aa) is not commercially
fungible, including a digital
collectible or other unique asset
described in subclause (I); or
``(bb) represents ownership of, or
control over, an asset that is not
itself an asset described in subclause
(I).
``(ii) Qualified custodial arrangement.--The term
`qualified custodial arrangement' means--
``(I) custody of a digital asset by a
third-party custodian who is chartered,
licensed, or otherwise regulated under Federal
or State law and is subject to the jurisdiction
of the courts of the United States; or
``(II) a multi-party custodial arrangement
in which a controlling quorum of any private
key, account, or other control component
sufficient to authorize a transfer of the
digital asset is held by custodians described
in subclause (I), and the arrangement is
subject to an enforceable governing agreement
under the laws of the United States.
``(B) Digital assets as reserves.--The corporation shall,
in assessing the risk of a single-family mortgage loan, permit
the holdings of a borrower in a digital asset, evidenced and
maintained pursuant to a qualified custodial arrangement, to be
included in the reserves of a borrower without conversion of
the digital asset to United States dollars.
``(C) Risk mitigation.--In carrying out subparagraph (B),
the corporation shall--
``(i) apply any appropriate adjustment for market
volatility and liquidity of the digital asset;
``(ii) apply any appropriate adjustment for
concentration of digital assets as a portion of
reserves; and
``(iii) periodically review and update any risk-
based adjustment applied under clauses (i) and (ii).
``(D) Notice and approval.--Prior to implementing or
materially revising any methodology used to assess a digital
asset under this paragraph, the corporation shall submit the
proposed methodology to the board of directors of the
corporation for approval and, upon approval, to the Director of
the Federal Housing Finance Agency for review.''.
(b) Federal Home Loan Mortgage Corporation.--Section 305 of the
Federal Home Loan Mortgage Corporation Charter Act (12 U.S.C. 1454) is
amended by inserting at the end the following:
``(e) Digital Assets in Mortgage Risk Assessments.--
``(1) Definitions.--In this subsection:
``(A) Digital asset.--The term `digital asset'--
``(i) means any digital representation of
value recorded on a cryptographically-secured
distributed ledger; and
``(ii) does not include any asset that--
``(I) is not commercially fungible,
including a digital collectible or
other unique asset described in clause
(i); or
``(II) represents ownership of, or
control over, as asset that is not
itself an asset described in clause
(i).
``(B) Qualified custodial arrangement.--The term
`qualified custodial arrangement' means--
``(i) custody of a digital asset by a
third-party custodian who is chartered,
licensed, or otherwise regulated under Federal
or State law and is subject to the jurisdiction
of the courts of the United States; or
``(ii) a multi-party custodial arrangement
in which a controlling quorum of any private
key, account, or other control component
sufficient to authorize a transfer of the
digital asset is held by custodians described
in clause (i), and the arrangement is subject
to an enforceable governing agreement under the
laws of the United States.
``(2) Digital assets as reserves.--The Corporation shall,
in assessing the risk of a single-family mortgage loan, permit
the holdings of a borrower in a digital asset, evidenced and
maintained pursuant to a qualified custodial arrangement, to be
included in the reserves of a borrower without conversion of
the digital asset to United States dollars.
``(3) Risk mitigation.--In carrying out paragraph (2), the
Corporation shall--
``(A) apply any appropriate adjustment for market
volatility and liquidity of the digital asset;
``(B) apply any appropriate adjustment for
concentration of digital assets as a portion of
reserves; and
``(C) periodically review and update any risk-based
adjustment applied under subparagraphs (A) and (B).
``(4) Notice and approval.--Prior to implementing or
materially revising any methodology used to assess digital
assets under this subsection, the Corporation shall submit the
proposed methodology to the Board of Directors for approval
and, upon approval, to the Director of the Federal Housing
Finance Agency for review.''.
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