Crypto and the Reach of Unclaimed Property Laws: Is New Illinois Legislation the Future?

Cryptocurrencies are quickly becoming part of the financial mainstream, with institutional and retail investors alike adding them to their portfolios in record numbers. State legislatures are trying to keep up with this growth by modifying abandoned and unclaimed property laws. Illinois Senate Bill 338, signed into law by Governor J.B. Pritzker (D) as P.A. 102-288 on August 6, 2021, exemplifies this trend. As amended by P.A. 102-288, the Illinois Revised Uniform Unclaimed Property Act will require holders to escheat dormant crypto and liquidate crypto into U.S. dollars in order to escheat. This both represents an administrative burden for crypto custodians and may be unwelcome by long-term crypto investors.

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