US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians

The U.S. state of Illinois has advanced a bill to consider unclaimed cryptocurrencies at custodians abandoned after five years. The coins will then be liquidated and the proceeds remitted to the State Treasurer. The cryptocurrency owners will have no recourse against the custodians or the state.

Also read: US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine

Crypto Considered Abandoned if Unclaimed for 5 Years

Illinois House Bill 4573, which amends the state’s Revised Uniform Unclaimed Property Act, was assigned to the state’s Revenue and Finance Committee on Thursday. As if to demonstrate the oft-cited bitcoin maxim “not your keys, not your coins,” the bill introduced by Rep. Michael J. Zalewski states:

[The bill] Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property.