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Committee advances bill to bring digital assets under Utah’s unclaimed property law
Summary
The committee unanimously adopted an amendment and favorably recommended HB 519, updating unclaimed property rules to address digital assets by allowing the state to custody assets in kind for three years or liquidate them if custody is not feasible; the bill was placed on the consent calendar.
Representative Tesher brought HB 519 to the House Economic Development and Workforce Services Committee on Feb. 17, proposing statutory guidance for how the state should treat digital assets reported as unclaimed property.
State Treasurer Marlow Oakes said the legislation "fills a gap in Utah's unclaimed property law by establishing a clear statutory framework for how the state should handle digital assets," and added the bill authorizes the unclaimed property division to procure a designated custodian to hold digital assets securely. Under the proposal, if the state secures an appropriate custodian it may hold…
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