SAFER Act of 2026

With respect to any covered asset that is directly held or beneficially owned by a person or entity and custodied by a financial institution, the financial institution may not yield custody of the covered asset, any proceeds from the sale of the covered asset, or a payment related to the covered asset (such as a dividend, principal payment, fork, or airdrop) pursuant to a State unclaimed property law, regulation, or administrative action or other means of escheatment, unless—

(1) in the case of a covered asset directly held or beneficially owned by a natural person—

(A) the financial institution receives confirmation of the natural person’s death at least 3 years before yielding custody;

(B) no fiduciary appointed to represent the estate of the natural person has made an expression of interest in such asset, proceeds, or payment for at least 3 years before yielding custody; and

(C) in the case of an asset, proceeds, or a payment where another natural person has an ownership interest, the financial institution receives confirmation of the other natural persons’s death; or

(2) in the case of a covered asset directly held or beneficially owned by a person or entity other than a natural person, the financial institution has no record of contact with a representative of the person or entity for at least 5 years.

In the case of a covered asset described in subsection (a) that is directly held or beneficially owned by a natural person who has attained retirement age and custodied by a financial institution, at the end of the 5-year period beginning on the date that the financial institution last has a record of contact with the natural person (or a representative thereof), and every five years thereafter, the financial institution shall conduct a comparison of its records with a State or Federal Government database of deaths to identify whether the natural person is deceased.

In this subsection and with respect to a natural person, the term retirement age means the applicable age, as defined in section 401(a)(9)(C)(v) of the Internal Revenue Code of 1986.

For purposes of this section, a financial institution may confirm the death of a natural person if—

(1) the financial institution obtains a death certificate for the natural person; or

(2) the financial institution obtains such other legal documents as the institution determines sufficient to confirm the death of the natural person.

This section preempts any State law, regulation, ordinance, or other provision that requires a financial institution to remit, escheat, yield custody, or otherwise transfer any asset, security, or investment account to a State or local government in any manner that conflicts with this section.

It is the sense of Congress that—

(1) this section does not preempt any State law, regulation, ordinance, or other provision requiring communication between the State and a financial institution or a person or entity that directly holds or beneficially owns a covered asset; and

(2) this section does not prevent an owner of a covered asset from seeking remedies through State or Federal law for mishandling or improper escheatment of a covered asset.

In this section:

The term covered asset —

(A) means any—

(i) security;

(ii) digital asset; or

(iii) investment account; and

(B) does not include an employee benefit plan subject to title I of the Employee Retirement Income Security Act of 1974.

The term digital asset means any digital representation of value which is recorded on a cryptographically-secured distributed ledger or other similar technology.

The term employee benefit plan has the meaning given that term under section 3(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(3)).

The term financial institution —

(A) has the meaning given that term under section 5312 of title 31, United States Code; and

(B) includes any—

(i) national bank;

(ii) transfer agent; or

(iii) centralized digital asset exchange.

The term investment account means an account, including a retirement account, that can be used to hold, manage, buy, sell, or trade a digital asset or security.

The term security has the meaning given that term under section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).

The term State means each of the several States, the District of Columbia, and each territory or possession of the United States.

This section shall apply to a covered asset, proceeds from the sale of a covered asset, and a payment related to a covered asset—

(1) that is held or beneficially owned by a person or entity on or after the date of enactment of this Act; and

(2) the custody of which has not been yielded pursuant to a State unclaimed property law, regulation, or administrative action or other means of escheatment as of the date of enactment of this Act.