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Bill

Bill

SB 1244

Relating to unclaimed personal property, including virtual currency.

89th Legislature (2025) Introduced by Giovanni Capriglione and 1 co-sponsor

Texas law would require holders of abandoned virtual currency and digital assets to transfer them to the state Comptroller for safekeeping and eventual return to owners.

Placed on General State Calendar
#comptrollerofpublicaccounts(v2608) #currency&currencyexchange(s0335) #email&electroniccommunications(s0321) #electronicinformationsystems(i0311) #financial--general(i0365) #propertyinterests--personalproperty(i0600) #unclaimedproperty(s0585)
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Bill Summary · SB 1244

Legislative bill overview

SB 1244 modifies Texas's unclaimed property laws to include virtual currency and digital assets within the state's escheat (unclaimed property) system. The bill would require holders of abandoned virtual currency and digital assets to report and transfer these items to the Texas Comptroller's office, similar to existing requirements for cash, securities, and other property.

Why is this important

As digital assets become more prevalent, this bill addresses a regulatory gap by bringing virtual currency into Texas's unclaimed property framework. This could affect thousands of Texans who have abandoned cryptocurrency wallets, digital accounts, or other virtual assets, potentially allowing them to reclaim these holdings through the state while generating revenue for the state general fund.

Potential points of contention

  • Valuation challenges: Determining the fair market value of volatile virtual currencies at the time of abandonment versus time of transfer could create disputes and administrative complexity
  • Private key custody: Managing and securing private cryptocurrency keys poses unprecedented technical and security challenges for state government, raising questions about practical implementation
  • Definition ambiguity: The bill's scope regarding what qualifies as "virtual currency" versus other digital property (NFTs, digital accounts) may lack sufficient clarity for consistent application

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

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