Committee pauses digital-assets unclaimed-property bill to align definitions with code

Delegate Hayes presented House Bill 798 to create authority for the Commonwealth to accept and hold digital assets as unclaimed property, including the use of a Commonwealth-controlled "digital wallet" to secure assets pending owner identification.

Bradley Earl, director of Unclaimed Property, supported the concept and said other states are already moving in this direction: "This bill addresses digital assets. It's a general catchall kind of phrase that cryptocurrency is also caught up in." Earl said the office would accept or decline asset types depending on value and the capability of any procured digital wallet.

Senators asked whether the bill's definitions align with existing statutory language for "digital asset" and "virtual currency." Committee counsel noted definitions already exist in the Uniform Fiduciary Access to Digital Assets Act (section 64.2‑116) and in the money transmitters chapter (section 6.2‑1922), and suggested reconciling the bill language with existing code. The chair recommended taking the bill for the day to allow counsel and the Treasurer's office to align the draft; the sponsor agreed.