California passes bill allowing confiscation of 'idle' cryptocurrencies

Odaily Planet Daily News: The California Assembly passed AB-1052 on Tuesday with a unanimous vote of 78-0. The bill stipulates that if cryptocurrency holders have not shown "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 operations such as trading or electronic access to accounts. Unlike the concerns raised on social media, supporters of the bill emphasized that the seized crypto assets will be kept in their original form by the custodian, rather than being liquidated by the state government, and holders can claim their assets at any time, avoiding the risk of forced sales under adverse market conditions. The bill essentially puts cryptocurrencies under the same unclaimed property law framework as traditional assets (such as bank accounts and safe deposit boxes). The bill has been submitted to the California Senate for further deliberation and may be amended, vetoed or passed as is. (Decrypt)