According to Cointelegraph, the California Legislature passed AB 1052, allowing the state government to take over unused cryptocurrencies after three years. The bill passed with a vote of 78-0 and is now sent to the Senate for review.
The bill stipulates that California can take over cryptocurrencies in users' exchange accounts that have not had any 'ownership actions' for three years. Such actions include trading, deposits, or accessing accounts.
The bill also allows individuals or businesses to accept cryptocurrencies as a form of payment. If passed, the law will take effect on July 1, 2026, requiring those engaged in digital financial services to obtain a license.
There are mixed opinions on this bill on social media. Critics argue that it is an overreach of power, while supporters believe the bill updates the unclaimed property law to allow cryptocurrencies to be retained in their native form.
Eric Peterson, Policy Director of the Satoshi Action Fund, stated that the new bill is more favorable to cryptocurrencies than the old one and does not affect self-custody users.