TBA Law Blog


Posted by: Stacey Shrader Joslin on Sep 7, 2022

The state of Tennessee is no longer seeking a contractor to hold cryptocurrencies on its behalf, the Nashville Post reports. Earlier this year, the Department of Treasury was looking for a vendor to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.” After reevaluating its needs and the services requested, the department canceled that request and issued a new one that does not include custody of virtual currency among the services sought for the Unclaimed Property Division. The state directly holds unclaimed cash but uses a vendor to hold securities. The program seeks to reunite owners with funds.