Maine state treasurer plans to implement reforms for emerging issues entailing technology, automated clearing house (ACH) payments and cryptocurrencies.
A report issued by the Office of the Maine State Treasurer highlighted the U.S. state’s interest in officially managing the abandoned and recovered crypto assets.“Our office does not currently handle cryptocurrency, but programs like Unclaimed Property may need to start addressing the situation of abandoned cryptocurrency accounts.”, the state of Maine currently holds over $328 million in unclaimed property.
“While our current statutes and precedent elsewhere leave us without clear authority to hold our recover crypto assets, we may want to do so in the future.” The issue around unclaimed cryptocurrencies is a phenomenon well-known across the Ethereum ecosystem as well. 8,893 people participated in an Ether (Recently, Maine Wire reported that members of the Maine Democratic Party refused to return a donation of $100,000 they had received from Sam Bankman-Fried. The U.S. attorney for the Southern District of New York demanded that political committees return the donations received from FTX after winning seven guilty verdicts in the FTX-SBF case.
The inability to recover the cryptocurrencies sent to unsupported wallets contributes to the ever-growing pile of unclaimed cryptocurrencies. Coinbase changes this by providing “the Ethereum TXID for the transaction where the asset was lost and the contract address of the lost asset,” which can then be used to recover the lost funds.
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