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The California House just passed a bill that I’m still on the fence about. It would allow the state to seize crypto assets left dormant on exchanges and transfer them to what they consider a safer custodian, presumably so the original owner can reclaim them later with less risk of loss due to hacks or negligence.

My main advice remains: get your coins off exchanges, but even if you don’t take that advice, your local government might end up doing it for you.

Now, is it worse for the state to move people’s assets for their own good, or for someone to leave their coins sitting on an exchange for three years without even logging in?

It sounds wild, but apparently people really do that. Imagine finding out a full coin of yours ended up in the state’s unclaimed property registry because you forgot about it.

Personally, I think everyone should self custody, but let’s be honest; if someone hasn’t checked their account in over three years, they’re probably not interested in what I or anyone else has to say about responsible storage.

At the end of the day, this really only matters to two groups: larpers and normies, and even then, they’re not going to benefit unless the asset in question is Bitcoin. Imagine going to claim some rug pull token like it’s an inheritance.

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Jerad Bogan 7mo ago

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