California’s new crypto law puts 3-year timer on unclaimed Bitcoin
California has passed Assembly Bill 1052, incorporating digital assets like Bitcoin into its Unclaimed Property Law. After three years of inactivity, unclaimed crypto held by custodians will be considered abandoned. Unlike some states that liquidate dormant assets, California will hold them in their original form through a licensed custodian. The law aims to protect consumer assets and modernize the state’s economic systems, but it places a significant compliance burden on exchanges to notify users. The move encourages a shift from the "HODL" mindset toward self-custody to avoid state control. The bill passed with a unanimous 69–0 vote, reflecting bipartisan support for crypto regulation.
ambcrypto01/06 11:17
