California Protects Unclaimed Crypto
California Governor Gavin Newsom has signed legislation to protect unclaimed crypto from forced liquidation.
The legislation, Senate Bill 822, ensures that crypto remains in its native form rather than being converted to cash before transfer to state custody.
- Updates California's Unclaimed Property Law to include digital financial assets.
- Treats Bitcoin, Ethereum, and other cryptos with the same legal framework as abandoned bank accounts and securities.
California is the first state to explicitly protect unclaimed crypto from forced liquidation.
Author: Senator Josh Becker (D-Menlo Park). The bill passed unanimously through both chambers in September.
Summary: California becomes the first state to protect unclaimed crypto assets.
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