California Passes Bill to Take Custody of Unclaimed Crypto Assets in Exchanges

BlockBeats News, June 5th, California lawmakers passed a bill in the House on Tuesday requiring the state government to confiscate these unclaimed crypto assets from cryptocurrency exchanges if customer accounts have been inactive for three consecutive years and have not "shown interest in their assets."

While the bill has sparked debate among crypto investors and faced widespread opposition on social media, perhaps there is no need to be overly concerned. Supporters of the bill have stated that the state government will not liquidate unclaimed Bitcoin or other digital assets but will instead have them held in custody by a third-party custodian for easy retrieval by customers in the future — meaning investors' tokens will not be sold at a discount without consent.