đź’ĄAnother good reason to leave California!
Assembly Bill AB-1052 was passed by the California State Assembly on June 3, 2025, with a unanimous 78-0 vote. It extends California’s unclaimed property laws to include digital assets, such as Bitcoin, held on centralized exchanges like Coinbase or Kraken.
Implications for Bitcoin
If you leave your Bitcoin inactive on an exchange for three years—meaning no logins, trades, deposits, or withdrawals—the exchange must report it as “abandoned” and transfer it to the state. The state will hold your Bitcoin (not sell it) until you reclaim it. This does not apply to Bitcoin in self-custodial wallets, where you control the private keys.
Current Status
As of June 30, 2025, the bill is under review in the Senate Committees on Judiciary and Banking and Finance, and it has not yet been signed into law.
#bitcoin #nostr
