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Committee adopts substitute to create state framework for presumed‑abandoned digital assets
Summary
The committee adopted a substitute to House Bill 947 that defines digital assets, creates custodian and notice rules, and sets procedures for delivery and liquidation of presumed‑abandoned digital assets; the substitute was reported favorably after Treasury input.
Lawmakers adopted a substitute to House Bill 947 establishing a statutory framework for presumed‑abandoned digital assets (cryptocurrency and similar instruments). The substitute amends the unclaimed‑property chapter to define “digital assets” and “digital asset holders,” set presumptions for abandonment, require notification to apparent owners and to the state, and provide processes for liquidation and reporting.
The sponsor said the Department of Treasury collaborated on the substitute language to refine custodian selection and reporting standards; the committee adopted the substitute (47‑13) and reported the bill favorably.
Treasury staff and the sponsor said the substitute narrows custody selection criteria to give the Treasury more discretion in choosing a designated custodian and includes indemnities for purchasers of liquidated assets to provide clear title.
What happens next: the substitute bill proceeds from committee to the House floor; sponsors said annual reports and Treasury oversight provisions will accompany implementation if the bill becomes law.
