A New York judge has stayed a lawsuit attempting to claim ownership of nearly 40,000 bitcoin wallets, scheduling a July hearing to consider a proposed amicus brief. The brief, submitted by attorney Ian R. Cohen, challenges the legal basis of the case by arguing that New York's lost-and-found statute cannot be applied to cryptocurrency assets secured by private keys. The argument centers on a fundamental distinction: unlike traditional lost property, bitcoin wallets controlled by private keys are not truly abandoned or unclaimed in a legal sense. The stay pauses proceedings while the court evaluates whether the amicus brief should be formally admitted, making the July hearing a potentially significant moment for how U.S. courts interpret property rights over cryptocurrency holdings.
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