Senator Lummis's 21st Century Home Loan Act seeks to mandate cryptocurrency consideration in home loan eligibility, aiming to support young Americans amid concerns over market stability.
U.S. Senator Cynthia Lummis has introduced the '21st Century Home Loan Act', requiring government agencies to consider cryptocurrency assets in home loan eligibility assessments. The bill addresses low homeownership rates among young Americans, currently at 36.6%, and prohibits forced conversion of crypto to USD during loan applications. Some Democratic senators have raised concerns about potential risks to consumers and market stability.