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California approves law to preserve unclaimed crypto in original form
On Monday, California Governor Gavin Newsom signed Assembly Bill 1052 (AB 1052) into law, amending the state's Unclaimed Property Law to include digital financial assets such as cryptocurrencies. The bill requires that unclaimed crypto assets—those that have been dormant for 3 years on custodial platforms such as exchanges—be transferred to state custody in their original form, without forced liquidation or cash conversion. This prevents automatic sale and ensures the assets are held securely by a qualified custodian until the owner reclaims them. Senate Bill 822 (SB 822) covers crypto assets such as Bitcoin and ... (full story)
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