A formal request has been sent to Pulte, asking for a detailed explanation of his plan and its potential impact on the U.S. housing market and financial system. The request, co-signed by Senators Elizabeth Warren, Chris Van Hollen, Mazie Hirono and Bernie Sanders, asks for a response by August 7.

Pulte previously instructed mortgage purchasers Fannie Mae and Freddie Mac to develop a proposal on incorporating cryptocurrency holdings in risk assessments for single-family mortgage loans, without converting the assets into U.S. dollars. The FHFA has been supervising both organizations since 2008, following the financial crisis sparked by the subprime mortgage market collapse.

The senators have expressed concerns that this plan could expose consumers to unnecessary risks and potentially destabilize the U.S. housing and financial markets. They highlighted that under the current policy, lenders cannot factor in cryptocurrency in mortgage decisions unless it is converted to U.S. dollars.

Furthermore, they pointed out the inherent volatility and liquidity issues of cryptocurrency, suggesting that borrowers who rely on cryptocurrency may face an elevated risk of mortgage default due to potential difficulties in converting crypto assets to cash. They also highlighted the increased risk of loss due to scams, cyber-attacks, or physical theft.

The senators have also expressed worries about potential conflicts of interest within the FHFA, Fannie Mae and Freddie Mac, especially considering President Donald Trump and his family’s deep involvement in the cryptocurrency industry.

The senators pointed out Pulte’s spouse’s significant crypto holdings, raising further conflict of interest concerns. They criticized Pulte’s order for lacking clarity and providing no details on how the proposal would be developed, how risks and benefits would be assessed, and how feedback would be gathered.

The senators have asked Pulte to answer a series of questions about the order, including its approval process and his steps to avoid conflicts of interest.

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Cryptocurrency Choices for HSBC Customers

With this integration, HSBC account holders can leverage digital currencies like Bitcoin, Ethereum, Binance Coin, Ripple, Dogecoin, Shiba Inu, and more. FCF Pay’s tweet highlighted, “We are thrilled to inform HSBC clients that they can now clear their mortgages and loans using cryptocurrencies via FCF Pay.”

Expansion of FCF Pay’s Services

Just weeks prior, FCF Pay rolled out its innovative crypto billing solutions. Customers now have the flexibility to manage their utility payments, including mortgages, vehicle bills, and subscriptions, using cryptos such as USDT, BTC, ETH, and Shiba Inu. This also extends to routine bills like electricity and water.

Cryptocurrency Gaining Ground as a Payment Medium

The surge in crypto adoption doesn’t stop here. Nomura, Japan’s premier investment bank, initiated a Bitcoin Adoption Fund targeting institutional players via its digital asset wing, Laser Digital Asset Management. Representing a vast financial portfolio exceeding $500 billion, Nomura is set to introduce a sequence of digital adoption investment offerings.

Adding to the momentum, Mitsubishi UFJ Trust and Banking Corporation – Japan’s top banking conglomerate – and Binance Japan are collaborating to roll out fiat-pegged stablecoins, marking another milestone in the crypto realm.

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