🇺🇸 There is a lot of controversy surrounding the provision allowing the confiscation of crypto left on exchanges after 3 years of inactivity, according to the unclaimed property law in California's AB 1180 bill.
To understand better, the unclaimed property law has been around for a long time and applies to most types of financial assets such as securities, bonds (not applicable to real estate). Now that crypto is recognized as a legitimate financial asset, it will also be subject to this law.
However, this law stipulates that the state merely holds the property on behalf of the owner, rather than letting it remain with private companies, and does not claim it. Owners can fully request to reclaim their property if they can prove ownership. Nevertheless, the property may be converted into cash during the management process.
