Evansville Board approves Coinbase law‑enforcement crypto holding account for police

The City of Evansville Board of Public Safety voted Dec. 4 to authorize the police department to open a Coinbase law‑enforcement cryptocurrency holding account to store seized or recovered cryptocurrency.

Board members heard from police representatives that local prosecutors and the Department of Justice have recommended establishing a local law‑enforcement account so the department can hold seized assets and return recovered funds to fraud victims more quickly than through federal channels. Police described the proposed account as a cold wallet or holding account that is not tied to a bank account and carries no account fees, used only for law‑enforcement purposes and victim restitution.

A board member moved to approve the account opening; the motion was seconded and carried by a voice vote. No formal vote tally was recorded in the transcript; the action was recorded as approved by voice vote.

The board did not describe operational details such as who will administrate private keys, the specific custody procedures, or whether a departmental policy will govern transfers and restitution timing during the meeting. The police representative said the account would follow established law‑enforcement guidelines used by federal agencies but did not provide written procedures during the meeting.

Next steps: the department will proceed with account setup following the board’s approval; the transcript does not list a timeline for implementation or a follow‑up report to the board.