The California Assembly has passed a comprehensive bill to regulate cryptocurrency payments, which will also authorize the state government to take over idle cryptocurrency assets from accounts that have not been accessed by their owners for three years.
The California legislature passed Assembly Bill 1052 (AB 1052) with a unanimous vote of 78-0 on June 3. This bill will subject cryptocurrencies to the state's unclaimed property laws and allow the California government to take over users' cryptocurrencies in exchange accounts, provided that the user has not performed any "ownership interest actions" within three years.
Such actions include buying and selling transactions, withdrawing funds, accessing accounts, or taking "other reasonable actions to indicate to the holder that the owner is aware of the existence of the property."
Another part of the bill will authorize individuals or businesses in California to accept cryptocurrencies as a payment method for goods and services and allow the use of cryptocurrencies in private transactions.
🇺🇸 JUST IN: California Assembly passes bill to regulate Digital Assets under 'Unclaimed Property' law. The bill now moves to the Senate. Law explained: Assets left on an exchange for 3 years will be transferred to the state and can then be claimed by the owner. pic.twitter.com/u9XftO0XRy
The bill has now been submitted to the California Senate, where it may be amended, vetoed, or passed on to Governor Gavin Newsom for signing into law or veto.
If passed, the law will officially take effect on July 1, 2026, and will prohibit any non-exempt individuals or entities from engaging in digital financial asset business activities unless licensed by the Department of Financial Protection and Innovation.
Opinions on this new legislation are polarized on social media, with critics arguing that the bill exceeds its authority, while others point out misunderstandings about the bill's specific objectives.
Eric Peterson, policy director of the pro-Bitcoin (BTC) nonprofit Satoshi Action Fund, who was involved in drafting earlier versions of the law, stated that there are currently some "misunderstandings."
"This bill actually updates the unclaimed property law to ensure that when your Bitcoin on an exchange is marked as unclaimed property, it can remain in Bitcoin form rather than being liquidated. This means you can later reclaim your assets from the California government in Bitcoin form," he explained.
"Under the new regulations, custodians will not sell your Bitcoin after three years of inactivity in the account; instead, they must transfer the actual Bitcoin you hold to a state-designated licensed custodian," Peterson further added. "Bitcoin will be held in its native form and will not be converted to dollars."
Peterson noted that California has already implemented similar laws for inactive bank accounts and brokerage accounts. It is worth mentioning that the new law will not affect users who choose to self-custody their cryptocurrencies.
Dennis Porter, founder of Satoshi Action Fund, also participated in the discussion, emphasizing the key fact that "many states have similar broken processes that need fixing."
Hailey Lennon, former regulatory advisor at cryptocurrency exchange Coinbase, also pointed out that other states have already implemented similar laws.
"Most states have unclaimed property laws that exchanges must comply with. When asset owners contact the state government, these properties will be returned to the original owners," she said.
Related: Trump's cryptocurrency ties cast a shadow over Congress's digital asset legislation
Original article: California Moves Forward Bill on Unclaimed Cryptocurrency and Merchant Payments
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