The Trump administration is reportedly set to press for the use of digital assets in 401(k) plans and mortgages.
President Donald Trump is expected to issue an executive order that calls for 401(k) plans to open to additional assets that could include cryptocurrencies, CoinDesk reported Monday (July 28).
The administration’s plan for mortgages was announced in a recent order from William Pulte, director of the Federal Housing Finance Agency, per the report. Pulte told mortgage giants Fannie Mae and Freddie Mac to prepare plans to consider a borrower’s crypto holdings as assets backing up their mortgage.
The administration’s plan for additional actions on crypto are set to be published Wednesday (July 30) in a report that was assigned to be created by Trump’s executive order on digital assets policy that was issued in January, per the report.
The report may include details on the bitcoin strategic reserve, crypto tax policies and other matters, according to the CoinDesk report.
The potential expansion of digital assets into 401(k) plans and mortgages is likely to be met with opposition by Democratic lawmakers, per the report.
The report set to be released Wednesday will come from the Presidential Working Group on Digital Assets Markets established by Trump’s Jan. 23 executive order.
That group was created to develop a federal regulatory framework governing digital assets and consider the creation of a strategic national digital assets stockpile.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the executive order said. “It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
When Pulte ordered Fannie Mae and Freddie Mac to consider crypto as an asset for mortgages, he said he did so “after significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world.”
Pulte said the consideration of additional borrower assets in the mortgage risk assessment process “may enable the Enterprises to assess the full spectrum of asset information available for reserves and to facilitate sustainable homeownership to creditworthy borrowers.”