California Enacts New Law Targeting Long-Dormant Cryptocurrency

California is taking a step towards regulating digital assets by passing legislation that treats long-dormant cryptocurrency holdings like unclaimed property. If the bill becomes law, funds left untouched on exchanges for over three years will be transferred to the state government and owners will need to navigate a process to reclaim them. This move aligns with existing laws regarding unclaimed bank accounts or forgotten safety deposit boxes, expanding California’s oversight of digital assets.