Illinois Can Claim ‘Abandoned’ Cryptocurrency Under New Bill

A new bill draft proposed by the Illinois State legislature adds “virtual currencies” to a list of assets that can be considered abandoned. The bill was first introduced on Feb. 20, and was sent to the House Revenue & Finance Committee on March 12.

The draft amends some aspects of Illinois’ Revised Uniform Unclaimed Property Act, specifically adding two provisions related to virtual currencies — a legal term for cryptocurrencies and other assets with similar features.

The act regulates all manners of assets that are deemed to be abandoned by their original owners. Among others, they may include real estate, safety deposit boxes, money orders and securities.

Once an asset is deemed unclaimed, the state is obligated to try to contact its last reported owner. If the original owner cannot be reached, the state treasurer can “claim” the asset — essentially repossessing it.

This law is primarily meant for assets that are held in custody by third parties, such as banks. The…