An important detail in bill AB 1052 that many overlook: It only applies to assets held on exchanges – not related to cold wallets or decentralized wallets.
Does that sound reassuring? Not really.
👉 The painful reality:
Most average users do not self-custody personal wallets. They leave all their assets on exchanges like Binance, Coinbase, Kraken… for convenience, ease of use, and 'seems safe'.
That's why, if the bill is passed, exchanges become a weak point – a place where the government can 'access' users' assets without needing to access the private key.
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Evasion strategy:
1. Withdraw to cold wallet if you hold long-term
Just a 3-year disconnection, and you risk being listed as abandoned property.
2. Automating exchange wallet interactions
Write a script or set a reminder to log in once a year, trade a small order – enough to avoid getting caught by the law.
3. Diversifying storage locations
Do not put all your crypto in a single exchange. The government cannot easily 'touch' DeFi or wallets like Metamask, Ledger...
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💬 A question to ponder:
If the state of California starts holding Bitcoin for you, will they return the exact amount of coins – or just… the fiat value after taxes, fees, and regulations?
Remember: no one protects your assets better than yourself.
#MyCOSTrade #CircleIPO #BlackRockETHPurchase #DolugCrypto