tldr; California Governor Gavin Newsom signed Senate Bill 822, making California the first state to protect unclaimed cryptocurrency from forced liquidation. The law updates the Unclaimed Property Law to include digital assets like Bitcoin and Ethereum, ensuring they remain in their original form when transferred to state custody. The bill mandates notification requirements for asset holders and specifies procedures for transferring unliquidated assets to the state. It aims to modernize regulations and safeguard consumer interests in the digital financial space.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; California Governor Gavin Newsom signed Senate Bill 822, making California the first state to protect unclaimed cryptocurrency from forced liquidation. The law updates the Unclaimed Property Law to include digital assets like Bitcoin and Ethereum, ensuring they remain in their original form when transferred to state custody. The bill mandates notification requirements for asset holders and specifies procedures for transferring unliquidated assets to the state. It aims to modernize regulations and safeguard consumer interests in the digital financial space.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
What would even constitute “unclaimed crypto”?
!tip 1