Delaware S 103: Introduced – Unclaimed Property Virtual Currency

Danielle Herring
April 21, 2021

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021. This bill would add provisions to the Delaware Unclaimed Property Act specifically requiring the reporting and remittance of virtual currency. DE S 103 defines virtual currency as a digital representation of value, including cryptocurrency, that does not have legal tender status recognized by the United States. This bill proposes reporting and remittance of virtual currency five years Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021; with certain provisions applying retroactively to any claims, examinations, or litigation pending as of the effective date. after the owner’s last indication of interest and requires that holders liquidate virtual currency prior to reporting and remitting to the state. In relation to the liquidation of virtual currency, this bill also includes language limiting the exposure against the holder or the State Escheator to recover any gain in value that occurs after the liquidation. To review DE S 103 in further detail click here.

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Danielle Herring

In her role as compliance manager for unclaimed property reporting, Danielle Herring oversees support of the product, researches changes in state unclaimed property laws so the system is updated to comply with them, and tests changes to the system before they are released. Danielle also completes some report and letter processing for current clients, assists with their direct support, provides customer training, and helps with troubleshooting and questions about using the product. Outside of work, Danielle loves to garden and is a master gardener.
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