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Cryptocurrencies are fast becoming mainstream financials, with institutional and retail investors adding them to their portfolios in record numbers. State legislatures are trying to keep up with this growth by amending the laws on abandoned and unclaimed property. Illinois Senate Bill 338, enacted by Governor JB Pritzker (D) as PA 102-288 on August 6, 2021, illustrates this trend. As amended by PA 102-288, Illinois’ Revised Unclaimed Property Law will require holders to divest dormant cryptos and liquidate U.S. dollar cryptos in order to escheat. This is both an administrative burden for crypto custodians and can be unwelcome by long-term crypto investors.
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