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California’s lower house has unanimously passed a bill allowing the state to seize unclaimed cryptocurrency held on exchanges after three years of inactivity. The legislation mirrors existing escheatment rules for traditional financial accounts. The bill also includes provisions for crypto payments in private transactions.
- California can seize crypto from inactive exchange accounts after 3 years of no ownership activity.
- The bill allows crypto payments for goods/services while requiring licensing for digital asset businesses.
- Self-custody crypto holders are exempt from the unclaimed property provisions.
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