California Protects Unclaimed Crypto
California Governor Gavin Newsom has signed legislation to protect unclaimed crypto from forced liquidation.
Senate Bill 822, authored by Senator Josh Becker, updates California's Unclaimed Property Law to include digital financial assets, such as Bitcoin and Ethereum.
This ensures that digital assets remain in their original form, rather than being converted to cash, before being transferred to state custody.
The legislation ensures crypto remains in its native form rather than being converted to cash before transfer to state custody.
The bill passed unanimously through both chambers in September and was signed by Newsom, making California the first state to explicitly protect unclaimed crypto.
Author's summary: California protects unclaimed crypto assets.