CFO Patronis says states must protect consumers' crypto assets
Florida's CFO announces support for legislation classifying cryptocurrency as unclaimed property
Chief Financial Officer (CFO) Jimmy Patronis has announced his support for the Department of Financial Services (DFS) Agency Bill. “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." Patronis said of the president's current framework for digital asset development.
The newly filed bill would classify virtual currency — most commonly known as cryptocurrency— as unclaimed property under the law if unclaimed within 5 years. "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." Patronis said of the proposal, adding, "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."
Senator Nick DiCeglie called the bill "a great piece of legislation for Florida consumers and for the cryptocurrency market in the state of Florida." The 18th Senate district representative further noted, "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."
"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." offered Representative Chip LaMarca, who co-filed the legislation. "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."
Patronis concluded his announcement statement by thanking Senator DiCeglie and Representative LaMarca, promising the bill would "allow Florida to protect more of Florida's consumer assets from the greedy hands of big brother in Washington, D.C."
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida's Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida's firefighters, and ensure the state's finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and X (@FLDFS).