Virginia Says 'HODL!' to Unclaimed Crypto for At Least One Year

Virginia just told its unclaimed crypto to sit tight—and not in a 'we'll dump this whenever we feel like it' kind of way.

Governor Abigail Spanberger signed House Bill 798 into law on Monday, amendments to the state's Disposition of Unclaimed Property Act that bring digital assets under state custody rules. The key detail? Unclaimed crypto must be transferred in-kind—that's original form, people, not cashed out.

And here's the kicker: the state can't flip it for at least a year.

"The administrator may subsequently direct such holder of unclaimed digital assets to liquidate the reported but unremitted digital assets not less than one year following the filing of a report," the bill reads.

Translation: Virginia isn't allowed to panic-sell your lost Bitcoin during a downturn just because it needs some quick cash. If you eventually come crawling back looking for your digital stash, it might actually still be worth something.

The logic is refreshingly straightforward. By holding in-kind, the state avoids the awkward scenario of selling assets at rock-bottom prices only to hand the owner a fraction of what they left behind. Call it a win for common sense—or at least financial patience.

Virginia's now part of a growing club. Arizona signed a similar law last May, giving the state three years before taking ownership and dumping it into a state-managed reserve fund. California's been playing in the same sandbox too.

Paul Grewal, Coinbase's chief legal officer, chimed in on X with what sounded like genuine relief: the law "updates the state's unclaimed property statute to cover digital assets and ensures they are escheated in-kind."

The bill also sets the abandonment clock at five years of inactivity—unless you're out there logging in or making transactions, in which case, congratulations, you're still in the game.

So there you have it. Virginia's officially saying no to rushed crypto sales. HODLing isn't just a meme anymore—it's state policy.