California Senate Advances Bill to Clarify Crypto as Unclaimed Property

California lawmakers took a significant step forward in regulating digital assets, advancing SB 822 with the goal of clarifying the classification of cryptocurrencies as unclaimed property. This bill, spearheaded by Senator Josh Becker, will be reviewed by the California State Assembly after it moves through committee on May 29th, 2025. The legislation aims to ensure that virtual currencies are treated in line with existing state laws regarding unclaimed assets. The bill seeks legal clarity for digital asset ownership, impacting how custodians handle and report assets.