California Protects Unclaimed Crypto
California Governor Gavin Newsom has signed legislation to protect unclaimed crypto from forced liquidation.
The legislation, Senate Bill 822, ensures that crypto remains in its native form rather than being converted to cash before transfer to state custody.
- Treats Bitcoin, Ethereum, and other cryptos with the same legal framework as abandoned bank accounts and securities.
- Updates California's decades-old Unclaimed Property Law to include digital financial assets.
Author of the bill, Senator Josh Becker (D-Menlo Park), aims to provide a clear legal framework for digital assets.
Ensuring digital assets remain in their original form rather than being converted to cash before transferring to state custody.
The bill passed unanimously through both chambers in September before being signed by Newsom.
Author's summary: California Governor signs law protecting unclaimed crypto assets.