119-s2471

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2471 Introduced in Senate

    (IS) ]

<DOC>

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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