Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, June 26th, and today we are talking about crypto and mortgages.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, today we are doing a very grab-baggy sort of episode.

We have a bunch of different smaller topics that all add up to a pretty similar theme,

kind of one of the dominant ones of the moment, which is just crypto's continued integration

into the mainstream financial system.

And we're going to kick it off, actually, with some interesting updates from the director

of the Federal Housing Finance Agency, FHFA. Yesterday, Director Bill Pulte tweeted,

After significant studying and in keeping with President Trump's vision to make the United States

the crypto capital of the world, today I ordered the great Fannie Mae and Freddie Mac to prepare

their businesses to count cryptocurrency as an asset for a mortgage.

The tweet included the signed order, which provided some further details.

Crypto held in U.S. regulated centralized exchanges will soon count towards net assets in a similar

way to a stock portfolio. Adjustments for market volatility and concentration risk adjustments

will be applied, so it won't mean much if you're all in on

meme coins. But for those with significant holdings of Bitcoin and major alts, this will mean they

can qualify for a mortgage without necessarily selling. Now, for those who aren't familiar,

Fannie Mae and Freddie Mac are largely responsible for packaging and reselling mortgages

written by the commercial banks. They touch around 70% of U.S. mortgages at some point in the

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