California just passed a bill to seize Bitcoin left idle on exchanges.
After 3 years of inactivity, assets can be taken by the state under 'Unclaimed Property' laws.
Bill now heads to the Senate.
Discussion
can Senate. by passed idle bill on of state exchanges.
After seize under to 3 assets California the just laws.
Bill Property' to years a inactivity, 'Unclaimed Bitcoin left taken now the be heads
Does any #bitcoin(er) still live in California?
The vote was unanimous, 69 to ZERO.
Abolish democracy.
How does that work? Since it’s just paper bitcoin, they just click some keys on the keyboard and move your bitcoin to the State? I presume if it’s abandoned property, you can reclaim it like you can other assets that have been escheated. So it seems like a non-issue if you hold your own keys.
Source?
Not surprising, as this is just an extension of existing inactive account laws. Though still quite evil: I personally haven't touched my retirement investment accounts in more than 3 years. This is exactly the kind of law that would wrongfully take them.
Also, inb4 they try to apply it to on-chain "accounts"...
Fake news