PANews reported on October 14th that, according to Decrypt, California Governor Gavin Newsom has signed a bill making California the first state to explicitly protect unclaimed cryptocurrency from forced liquidation, ensuring that digital assets remain in their original form before being transferred to state custody, rather than being converted to cash. Senate Bill 822, drafted by Senator Josh Becker, updates California's decades-old Unclaimed Property Act to include digital financial assets, applying the same regulatory framework to abandoned bank accounts and securities as Bitcoin. The bill, which passed unanimously in both houses of Congress in September, was signed by Newsom on Saturday. The bill clarifies that digital financial assets are intangible property and are subject to the law, addressing the challenges of handling dormant cryptocurrency accounts (accounts that have been unreachable or inactive for three years).PANews reported on October 14th that, according to Decrypt, California Governor Gavin Newsom has signed a bill making California the first state to explicitly protect unclaimed cryptocurrency from forced liquidation, ensuring that digital assets remain in their original form before being transferred to state custody, rather than being converted to cash. Senate Bill 822, drafted by Senator Josh Becker, updates California's decades-old Unclaimed Property Act to include digital financial assets, applying the same regulatory framework to abandoned bank accounts and securities as Bitcoin. The bill, which passed unanimously in both houses of Congress in September, was signed by Newsom on Saturday. The bill clarifies that digital financial assets are intangible property and are subject to the law, addressing the challenges of handling dormant cryptocurrency accounts (accounts that have been unreachable or inactive for three years).
California Governor Signs Bill to Protect Unclaimed Cryptocurrency from Forced Liquidation
2025/10/14 13:00
PANews reported on October 14th that, according to Decrypt, California Governor Gavin Newsom has signed a bill making California the first state to explicitly protect unclaimed cryptocurrency from forced liquidation, ensuring that digital assets remain in their original form before being transferred to state custody, rather than being converted to cash. Senate Bill 822, drafted by Senator Josh Becker, updates California's decades-old Unclaimed Property Act to include digital financial assets, applying the same regulatory framework to abandoned bank accounts and securities as Bitcoin. The bill, which passed unanimously in both houses of Congress in September, was signed by Newsom on Saturday. The bill clarifies that digital financial assets are intangible property and are subject to the law, addressing the challenges of handling dormant cryptocurrency accounts (accounts that have been unreachable or inactive for three years).
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