FHFA Issues Directive to Include Cryptocurrency in Risk Assessment for Single-Family Loans
The Federal Housing Finance Agency (FHFA), under the direction of Director William Pulte, has officially requested Fannie Mae and Freddie Mac to consider cryptocurrency in the risk assessment process for single-family loans. This decision stems from extensive surveys and the desire to facilitate the plan to promote widespread adoption of digital assets in the United States.
"FHFA directs each enterprise to prepare proposals regarding the consideration of cryptocurrency as a reserve asset in the risk assessment of single-family mortgage loans, without converting cryptocurrency to US dollars," quoted from the directive.
This directive also emphasizes that only cryptocurrency assets traded and stored on centralized exchanges regulated by the United States, such as Coinbase Global Inc. and Robinhood Markets Inc., will be included in the assessment.
Market Impact From FHFA's Decision on Cryptocurrency
The request by Fannie Mae and Freddie Mac to evaluate cryptocurrency in the risk assessment for single-family loans has created a significant turning point in the web3 space. According to Michael Saylor, co-founder and Chairman of Strategy, this is an important milestone in the process of mainstream financial institutions recognizing and adopting Bitcoin as a reserve asset.
The significant increase in legal and regulatory frameworks related to cryptocurrency indicates a transition moment as traditional financial institutions gradually trust and actively hold digital assets.
Bitcoin Price Reaction to the Decision
Immediately after the announcement, the price of Bitcoin rose by about 1% to $107,748 during midday trading in Northern America. However, sellers still dominate in the short term, and only if Bitcoin maintains closing above the $110,000 threshold in the coming days can a sustainable upward trend be expected.
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Source: https://tintucbitcoin.com/fhfa-yeu-cau-cong-nhan-tien-dien-tu/
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