California passes bill allowing confiscation of 'unclaimed' crypto

Mars Finance News: According to Decrypt, the California State Assembly unanimously passed AB-1052 on Tuesday with a 78-0 vote. The bill stipulates that the state government can take over "unclaimed" digital assets if cryptocurrency holders do not demonstrate "ownership interest" in their assets for three consecutive years. "Ownership actions" include conducting transactions or electronically accessing accounts. Contrary to concerns on social media, bill supporters emphasize that seized crypto assets will be held by custodians in their original form, not liquidated by the state government. Owners can reclaim their assets at any time, avoiding forced sales under unfavorable market conditions. The bill essentially incorporates cryptocurrency into the same unclaimed property law framework as traditional assets like bank accounts and safe deposit boxes. The bill has been submitted to the California Senate for further review and may be modified, rejected, or passed as is.