The Democratic Party is investigating the housing authority for considering the use of cryptocurrency in stake.

A group of five Democratic senators from America, led by Jeff Merkley, sent a letter questioning the Director of the Federal Housing Finance Agency (FHFA), William Pulte, about a plan to allow Fannie Mae and Freddie Mac to incorporate cryptocurrency into the risk assessment process for mortgages without converting to USD. The senators warned that this could pose significant risks to borrowers and the financial market, as cryptocurrencies are highly volatile, susceptible to hacking, and difficult to liquidate. They also expressed concerns about conflicts of interest, as Mr. Pulte's wife holds up to 2 million USD in cryptocurrency, and Mr. Pulte is the chairman of the board of both entities. The group demands a clear explanation of the directive, approval process, and how conflicts of interest will be handled before August 7.