In the near future, I plan on introducing legislation that will give clear guidelines on how to deal with abandoned and unclaimed cryptocurrency wallets. As digital assets, such as cryptocurrencies, continue to become more routine in constituent’s finances, there needs to be clear policies on how to handle accounts that are inactive or forgotten by their owners.

The goal of this legislation is to create new and clear guidelines when classifying digital asset accounts as abandoned, and to ensure that only those accounts that are truly abandoned and unclaimed are reported to the State Treasurer. This new initiative is critical for Pennsylvanian’s consumer protection.

This legislation will permit the State Treasurer to have the discretion to hold digital assets in their original form when transferred into the custody of the Commonwealth. I have been working with Pennsylvania Treasurer Stacy Garrity and her office on this initiative.

Digital assets and cryptocurrencies are going to continue to grow and become a large part of regular financial activities. To better protect consumers rights, this legislation will create a clear and responsible process when handling properties that are presumed abandoned and unclaimed.

Please join me in co-sponsoring this important legislation.