TALLAHASSEE, Fla. – Florida Chief Financial Officer Jimmy Patronis pledged his support for a bill classifying cryptocurrency as unclaimed property.

“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 in a press release.

While pushing state protections for crypto, Patronis argued that “we don’t need the federal government in our business.”

He also vowed to protect Florida’s consumer assets from “the greedy hands of big brother” in Washington, D.C.

Furthermore, Patronis marked cryptocurrency as “democratized tools for free-market capitalism.”

Sponsored by Rep. Chip LaMarca, R-Lighthouse Point, HB 989 would authorize the Florida Department of Financial Services to designate “virtual currency” as unclaimed within five years.

“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,” LaMarca said. “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.”

Over $2 billion of unclaimed cryptocurrency has been collected since 2017, according to Patronis’ office.

“This is a great piece of legislation for Florida consumers and for the cryptocurrency market in the state of Florida,” Sen. Nick DiCegile, R-Indian Rocks Beach, said. “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.”

HB 989 would take effect once passed.