Gate News bot message, the California State Assembly has passed AB-1052, proposing to define cryptocurrency assets that have not been operated on for three years as "unclaimed property."
According to the provisions of the bill, state governments are authorized to take over and hold these dormant assets from the exchange. These taken-over encryption assets will retain their original form and will not be liquidated or converted into cash. Asset owners still have the right to apply for redemption in the future.
The bill has now been submitted to the Senate for further review.
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The California House of Representatives has passed a new bill that aims to include dormant encryption assets in the management of unclaimed property.
Gate News bot message, the California State Assembly has passed AB-1052, proposing to define cryptocurrency assets that have not been operated on for three years as "unclaimed property."
According to the provisions of the bill, state governments are authorized to take over and hold these dormant assets from the exchange. These taken-over encryption assets will retain their original form and will not be liquidated or converted into cash. Asset owners still have the right to apply for redemption in the future.
The bill has now been submitted to the Senate for further review.
Source: Decrypt