United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans this week to accept cryptocurrency for home loans, in what is being billed as a first for the national mortgage industry. The Michigan-based mortgage company confirmed to CNBC that it’s aiming to start by accepting bitcoin, though UWM is in the process of evaluating ether and other cryptocurrencies as well.
However, more regulation is looming on the horizon as amateur investors, particularly younger ones, have started buying and trading cryptocurrencies, attracted to the thrill of big returns. In the past year, the value of Bitcoin has risen 300%. And cryptocurrencies are increasingly also attractive to traditional investors. So far, the SEC and the CFTC have shared regulatory responsibilities. They have tried to police cryptocurrencies with laws already on the books, even though they were really written for other traditional assets like stocks or bonds.
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