Maine state treasurer to focus on handling abandoned cryptocurrency accounts
A report issued by the Office of the Maine State Treasurer highlighted the U.S. state’s interest in officially managing the abandoned and recovered crypto assets.
The program evaluation report of Maine uncovered the state’s lack of preparedness when it comes to handling cryptocurrencies. It read:
“Our office does not currently handle cryptocurrency, but programs like Unclaimed Property may need to start addressing the situation of abandoned cryptocurrency accounts.”
According to official data, the state of Maine currently holds over $328 million in unclaimed property. The website requires the name, address and property ID information of claimants searching for an unclaimed property.
The report also uncovered the state treasurer’s interest in implementing reforms for emerging issues entailing technology, automated clearing house (ACH) payments and cryptocurrencies. It stated:
“While our current statutes and precedent elsewhere leave us without clear authority to hold our recover crypto assets, we may want to do so in the future.”
The issue around unclaimed cryptocurrencies is a phenomenon well-known across the Ethereum ecosystem as well. 8,893 people participated in an Ether (ETH) presale event in the summer of 2014. However, nearly a decade later, millions of dollars in ETH lie unclaimed in those presale wallets.
Related: Illinois Can Claim ‘Abandoned’ Cryptocurrency Under New Bill
Recently, Maine Wire reported that members of the Maine Democratic Party refused to return a donation of $100,000 they had received from Sam Bankman-Fried. The U.S. attorney for the Southern District of New York demanded that political committees return the donations received from FTX after winning seven guilty verdicts in the FTX-SBF case.
Last year, crypto exchange Coinbase launched a tool capable of recovering unsupported ERC-20 tokens that were ‘mistakenly sent’ to the exchange’s address.
“Our recovery tool is able to move unsupported assets directly from your inbound address to your self-custodial wallet without exposing private keys at any point,” said Coinbase. “We did this by using patent pending technology to send the funds directly from your inbound address without processing the funds through our centralized exchange infrastructure.”
The inability to recover the cryptocurrencies sent to unsupported wallets contributes to the ever-growing pile of unclaimed cryptocurrencies. Coinbase changes this by providing “the Ethereum TXID for the transaction where the asset was lost and the contract address of the lost asset,” which can then be used to recover the lost funds.
Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers
Politics
Wes Streeting ‘crossed the line’ by opposing assisted dying in public, says Labour peer Harriet Harman
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunction podcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
He has also ordered a review into the potential costs of changing the law, warning it could come at the expense of other NHS services if implemented.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
👉 Click here to listen to Electoral Dysfunction on your podcast app 👈
“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
Please use Chrome browser for a more accessible video player
Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Read more on this story:
‘Fix care before assisted dying legislation’
Why assisted dying is controversial – and where it’s already legal
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
Energy Security and Net Zero Secretary Ed Miliband is said to support the bill. Pic: Reuters
Justice Secretary Shabana Mahmood has concerns. Pic: Reuters
Keep up with all the latest news from the UK and around the world by following Sky News
The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
Please use Chrome browser for a more accessible video player
Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
The crypto industry is “going to save hundreds of millions of dollars” with Donald Trump as president, Consensys CEO Joe Lubin forecasts.
Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports7 months agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Environment1 year agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway