California passes bill allowing confiscation of 'idle' cryptocurrencies

Odaily Planet Daily News: The California House of Representatives passed AB-1052 bill with a 78-0 unanimous vote on Tuesday, which stipulates that if cryptocurrency holders do not show "ownership interest" in their assets for three consecutive years, the state government can take over these "unclaimed" digital assets. The so-called 'ownership behavior' includes transactions or electronic access to accounts and other operations. Unlike concerns raised on social media, supporters of the bill emphasize that the seized encrypted assets will be held by custodians in their original form, rather than being liquidated by the state government. Holders can claim their assets at any time, avoiding the risk of being forcibly sold under unfavorable market conditions. The bill essentially brings cryptocurrencies under the same unclaimed property legal framework as traditional assets such as bank accounts and safes. The bill has been submitted to the California Senate for further review and may be amended, rejected, or passed as is. （Decrypt）