The California bill requires the confiscation of assets from cryptocurrency accounts that have been idle for three years, with the state government being managed by a third party to facilitate claims.

StablecoinSteward · 2025-06-05T07:24:41+00:00

California lawmakers passed a bill requiring the confiscation of unclaimed encryption assets after three years of inactivity in customer accounts. Despite raising controversy, supporters stated that the assets would be held by a third-party accomplice, making it convenient for customers to claim them in the future and preventing unauthorized low-price sales.

StablecoinSteward

2025-06-05 07:24:41

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On June 5, it was reported that California lawmakers passed a bill in the House of Representatives on Tuesday to require the state government to seize these unclaimed crypto assets from cryptocurrency trading platforms after customer accounts have been inactive for three consecutive years and have not “shown interest in their assets”. While the bill has sparked debate among crypto investors and has been widely opposed on social media, there may be no cause for undue concern. Proponents of the bill say that the state government will not liquidate unclaimed bitcoin or other digital assets, but will be held in custody by a third-party custodian for customers to claim later — meaning investors’ tokens will not be sold at a low price without consent.

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