On June 5, California lawmakers passed a bill in the House of Representatives on Tuesday that would require the state to confiscate unclaimed crypto assets from cryptocurrency exchanges if customer accounts are inactive for three consecutive years and do not "demonstrate interest in their assets."
While the bill has sparked debate among crypto investors and widespread opposition on social media, there may be little cause for concern. Supporters of the bill say state governments will not liquidate unclaimed bitcoins or other digital assets, but will hold them in a third-party custodian for customers to claim later - meaning investors' tokens will not be sold at low prices without consent.
California lawmakers have passed a bill to take over unclaimed cryptoassets from trading platforms and hold them in custody
2025-06-05 00:11:32
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