Tax Notes: Delaware Enacts Unclaimed Property Law Changes

Eversheds Sutherland Partner Wilson Barmeyer is quoted in this Tax Notes article on Delaware's new bills making virtual currency subject to the state's unclaimed property law. 

Wilson commented that “it is no secret that states are eager to bring stale cryptocurrency accounts into their unclaimed property regimes, and this bill makes that explicit in Delaware.” But he said the bill's provision requiring liquidation of cryptocurrency before sending the value to the state as abandoned property is concerning.

“Instead of requiring liquidation, Delaware could have set up its own process for receiving cryptocurrency without liquidation, as some other states are doing,” Barmeyersaid.