Bryan Townsend
- Democratic
- Senator
- District 11
Primary
This Act adopts an express reporting requirement for virtual currency, with an exemption for game-related digital content with minimal or no value; defines virtual currency and game-related digital content; requires the liquidation of and conversion to U.S. dollars of virtual currency prior to reporting and remitting this property to the State; and limits the exposure of both the State and the reporting holder to claims by the putative owners of this property type for subsequent gains in value, given the volatility inherent in this property type’s value. Liquidation of and conversion to U.S. dollars of virtual currency prior to reporting and remitting also promotes ease of administration and the return of the cash value to owners. This Act incorporates in part some of the concepts from the 2016 Revised Uniform Unclaimed Property Act promulgated by the Uniform Law Commission, as well as legislation adopted by Kentucky in 2019. These changes take effect on August 1, 2021.
Signed by Governor
Passed By House. Votes: 40 YES 1 NO
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 1 Favorable, 9 On Its Merits
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Passed By Senate. Votes: 19 YES 2 ABSENT
Reported Out of Committee (Banking, Business & Insurance) in Senate with 5 On Its Merits
Introduced and Assigned to Banking, Business & Insurance Committee in Senate
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