Democrats are the leadership of the HUD on the encryption report

“[T]The Trump administration illegally has sought to dismantle CFPB as HUD disintegrates other federal control mechanisms, such as the protection of fair housing, under your leadership, ” letter I mentioned.

“We cannot afford the costs of repeating the same mistakes in the past. Entering Blockchain technology or encryption in HUD or any other federal agency without conducting congregation for Congress, a sound regulatory framework, supervision, or public inputs is simply reckless.”

Legislators claim that cryptocurrency markets are “very volatile, subject to fraud, and are exposed to sudden collapse.” They mention a Modern report He explains that encryption fraud cost investors at least $ 9.9 billion in 2024.

The message mentions the collapse of the encrypted currency market FTX In 2022, subsequent condemnation, and co -founder, Sam Bankan Farid. Legionships also address the commercial activity of President Donald Trump and his sons to The launch of their Stablecoin.

“The federal government cannot allow the unorganized financial products to infiltrate critical housing programs, especially when it has already proven to be dangerous, speculative and harmful to working families,” the letter said. “It is not clear how these techniques, which have not been widely adopted even before Real estate Industry, will help Hood to meet its mission. “

Legislators are calling for any additional procedure to integrate the encoded currency into HUD operations to wait even Congress He weighs with a legal framework.

The letter also stated that the idea is supported by Erfing Dennis, the new deputy new financial director of Hood and a former partner in Ernest and Young (EY). At the time of the PROPUBLICA report, Cassi Lowett, a spokesman for Dennis and HUD, denied its essence, but the CEO of EY stated that some meetings on this topic had occurred.

“The administration does not have plans for Blockchain or Stablecoin,” Levit said to the director last month. “Education is not implementation.”

The mortgage industry as a whole was curious about the possible efficiency that could come from the encrypted currency and Blockchain technology.

the Maintenance Organization for Mortgage Industry (MISMO) in 2023 White paper On the topic. Partially focused on how the organizational campaign in the years after the 2008 housing crisis is to increase Production expenses.