Bill > HB947

This bill establishes new rules for handling abandoned digital assets in Louisiana, defining "digital asset" as virtual currencies, cryptocurrencies, and other digital-only assets, and "airdrop" as a broad, incentive-based distribution of digital assets. It presumes digital asset accounts abandoned after three years of inactivity, with inactivity defined by a lack of owner communication or the last exercise of ownership, such as conducting transactions or electronically accessing the account. If a holder has control of the necessary private keys, they must report and deliver abandoned digital assets to a state-selected "qualified custodian," which is a licensed entity or chartered financial institution capable of securely managing digital assets. If the holder cannot transfer the digital assets, they must maintain them until they can. The state treasurer, acting as the administrator, will select a qualified custodian based on security, management capabilities, experience, regulatory compliance, and owner reunification processes. Any earnings or airdrops received on abandoned digital assets will go into a dedicated unclaimed property fund for administering these assets, and the administrator will report annually to the legislature on the program's finances.