Maine Could Seize Your Crypto Starting Tomorrow — Here's What You Need to Know About the July 29 Deadline
4h ago · 1 source
Maine's new abandoned property law applies to cryptocurrency, with a July 29 deadline that could trigger seizure of dormant crypto holdings. However, conflicting guidance in the state's own manual has left holders and custodians confused about exactly when funds are considered "abandoned" and subject to state claim. The lack of clear reporting guidance adds urgency for crypto holders with any connection to Maine.
WHY IT MATTERS
Imagine you have a savings account you haven't touched in years. In most U.S. states, if a bank can't reach you after a certain period, they're required to hand your money over to the state — it's called "escheatment" or unclaimed property law. Now states like Maine are applying these same rules to crypto. So if you hold crypto on an exchange and haven't logged in or responded to communications for a while, the exchange might be forced to sell your crypto and send the cash to the state. The scary part here is that Maine's own rulebook seems to give conflicting information about when this kicks in, leaving both exchanges and crypto holders unsure of what to do. If you use a crypto exchange and have any ties to Maine, it's worth logging into your account and confirming your contact information to make sure your assets aren't flagged as "abandoned."
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