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Ohio committee hears sponsors propose framework to treat unclaimed cryptocurrency as unclaimed property
Summary
Sponsors of House Bill 426 told the House Technology and Innovation Committee the bill would bring digital assets such as cryptocurrency and NFTs into Ohio’s existing unclaimed‑property system, outlining a two‑plus‑two year custody timeline, a requirement that holders transfer native tokens when possible, and a role for the Department of Commerce.
Members of the Ohio House Technology and Innovation Committee on Wednesday heard sponsor testimony for House Bill 426, a measure to extend Ohio's unclaimed‑property framework to digital assets such as cryptocurrency and non‑fungible tokens.
Representatives sponsoring the bill said HB 426 would require holders — exchanges or wallet providers — to transfer presumed‑abandoned digital assets in their native form to a qualified custodian designated by the Ohio Department of Commerce and would require the Department to maintain those assets for additional periods before sale.
The sponsors said the bill uses time frames similar to existing unclaimed property law. "An account is presumed abandoned after 2 years of no owner activity or undelivered communications," Representative Demetrio said, adding that when an asset is…
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