Virginia Governor Abigail Spanberger has signed House Bill 798, a measure that updates the state's unclaimed property framework to cover cryptocurrency and other digital assets. Signed on April 13, 2026, the law requires custodians to remit dormant crypto to the Commonwealth in kind—keeping assets in their original token form—once they have been inactive for five years. The measure is designed to prevent owners from being forced into sales at unfavorable prices, a common outcome when states liquidate crypto immediately upon taking custody. HB 798 takes effect July 1, 2026. After the state receives the digital assets, it must hold them for at least one year before any liquidation can be authorized. The bill amends the Virginia Disposition of Unclaimed Property Act and was introduced by Chief Patron C.E. Cliff Hayes Jr. It establishes a statutory process for handling digital assets presumed abandoned after five years of inactivity in customer wallets. Previously, Virginia administrators typically sold unclaimed cryptocurrency shortly after it was turned over, converting it to cash at prevailing market prices. Claimants who later proved ownership often received the cash equivalent rather than the tokens, a practice that could significantly reduce recovery value given crypto's volatility. Implementation now shifts to the Virginia Department of the Treasury, which will select qualified custodians to safeguard in-kind holdings and develop procedures for returning assets to verified owners. If a claim is filed during the one-year holding period, the owner receives the digital assets directly or their equivalent value. After the holding period, the administrator may authorize a sale under existing rules; claimants would then be entitled to the greater of the sale proceeds or the asset's market value at the time the claim is made. Virginia's approach follows similar efforts elsewhere, including California's October 2025 move to extend its Unclaimed Property Law to digital financial assets such as cryptocurrencies. Coinbase Chief Legal Officer Paul Grewal praised the change on X, saying it ensures assets are "escheated inkind". Disclaimer: This material is for informational and educational purposes only and does not constitute financial advice. Coin Edition is not responsible for losses resulting from the use of any content, products, or services referenced. Readers should exercise caution before taking actions related to any company.

U.S. President Donald Trump said on Wednesday that he would consider firing Federal Reserve Chair Jerome Powell if Powell does not step down after a new Fed chair is appointed. Reuters