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Bill

HB 426

Regards safekeeping and management of unclaimed digital assets

136th Legislature (2025-2026) Introduced by Steve Demetriou and 1 co-sponsor

Ohio bill establishes procedures for state management of unclaimed digital assets, cryptocurrency, and virtual property to protect consumer rights and prevent permanent loss.

Referred to committee
#commerce #technology
0
WeVote Research Nonpartisan
Bill Summary · HB 426

Legislative bill overview

HB 426 establishes a framework for the safekeeping and management of unclaimed digital assets in Ohio. The bill creates procedures for handling cryptocurrency, virtual currency, digital wallets, and other digital property that lacks a clear owner or has been abandoned. It aims to address a growing gap in state law by providing rules for custody, reporting, and eventual disposition of these assets.

Why is this important

As digital assets and cryptocurrencies become more prevalent, significant value can remain unclaimed due to lost passwords, deceased account holders without heirs, or forgotten accounts. Without clear legal frameworks, these assets may be permanently lost or vulnerable to misappropriation. This bill would protect consumer interests and potentially recover substantial value for rightful owners or the state.

Potential points of contention

  • Definition and classification challenges: Determining what qualifies as "unclaimed" digital assets and how to value volatile cryptocurrencies for reporting purposes
  • Custody and security concerns: Questions about which entities (state treasurer, banks, third parties) should hold digital assets and how to prevent hacking or mismanagement
  • Timeline and escheatment rights: Debate over how long assets should be held before the state gains rights to them, and whether digital assets should follow traditional unclaimed property rules

Compiled from official sources — confirm details with the bill’s official record.

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