Cryptocurrency Presents Puzzle For Unclaimed Property Laws

Law360 (August 27, 2019, 1:49 PM EDT) — As the use and acceptance of blockchain technology continue to grow, state legislators and unclaimed property administrators are starting to recognize and capitalize on the potential revenue generation associated with the widespread use — and misuse and abandonment — of virtual currencies.

On June 13, New York became the most recent state to propose amendments to its abandoned property law providing for escheatment of unclaimed virtual currencies. This proposed legislation is consistent with the ongoing trend among the states to expand the scope of their unclaimed or abandoned property laws, resulting in increased revenues to the states as unclaimed property, more…

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