US lawmakers have introduced H.R. 4374, a bill that would require federal mortgage regulators and lenders to consider borrowers’ crypto holdings in brokerage accounts during the mortgage underwriting process.

Filed on July 14, the bill directs agencies to update programs, standards, and systems to reflect crypto balances held on regulated exchanges when assessing mortgage creditworthiness. It has been referred to the House Financial Services Committee and the Committee on Veterans’ Affairs for review.

Under current practices, borrowers often must convert crypto to fiat and “season” the funds for months before using them in a mortgage application. If passed, this bill would allow crypto to be directly counted toward reserve and repayment requirements without liquidation.

The proposal follows recent developments from the Federal Housing Finance Agency (FHFA), which directed Fannie Mae and Freddie Mac to submit plans allowing crypto assets to count in mortgage underwriting without requiring USD conversion.