Last week, Chief Financial Officer (CFO) Jimmy Patronis announced his support for the Department of Financial Services (DFS) Agency Bill that was filed this week and classifies virtual currency, most commonly known as cryptocurrency, as unclaimed property under the law if unclaimed within five years.

Patronis said, “The Biden administration has made it clear that they desperately want to expand the reach of government into your home, your personal life, and your finances, which includes regulating cryptocurrency. I am calling on every state to assert themselves, protect these currencies and ensure that they remain democratized tools for free-market capitalism. We don’t need the federal government in our business. By classifying unclaimed property as cryptocurrency, the State of Florida can protect financial assets that belong in the hands of its rightful owner. Since taking office in 2017, we have given back over $2.2 billion in unclaimed property to Floridians and this bill will allow us to safeguard crypto assets until claimed. My thanks to Senator Nick DiCeglie and Representative Chip LaMarca for filing this important piece of legislation that will allow Florida to protect more of Florida’s consumer assets from the greedy hands of big brother in Washington, D.C.”

State Sen. Nick DiCeglie said, “This is a great piece of legislation for Florida consumers and for the cryptocurrency market in the state of Florida. Consumers deserve to be protected and the legislature is happy to take a stand against big brother when it matters most and defend the rights to a free economy. Thank you to CFO Patronis for his support and commitment to protecting Florida consumers.”

State Rep. Chip LaMarca said, “Cryptocurrency is an innovative revelation in the American economy, and Florida is happy to lead the way in protecting assets that have been lost or forgotten. I look forward to carrying this bill through the Florida House and working with CFO Jimmy Patronis to classify crypto as unclaimed property in hopes that it will find its way back in the right hands.”