In a move that might just make you reconsider your crypto strategy, California Governor Gavin Newsom has signed Senate Bill No. 822 into law, making the Golden State the first in the U.S. to prevent the automatic liquidation of unclaimed cryptocurrency. Yes, you read that right – crypto that’s been sitting there, collecting virtual dust, will no longer be converted into cash when it falls into the hands of the state. In short, your forgotten Bitcoin can now lounge in peace rather than being forcefully cashed out.
The law also ensures exchanges and custodians aren’t allowed to just take your crypto and run. They now have to notify you six to twelve months in advance before your dormant assets are handed over to the state. Yes, you have a whole year (basically the crypto equivalent of a lifetime in dog years) to confirm your address and reset the “I forgot about my crypto” timer. Oh, and after that, exchanges are given a whopping 60 days to secure the necessary keys before your assets safely leave the digital realm. Let’s call it a “second chance” for the crypto crowd who clearly can’t remember their passwords.
The law comes hot on the heels of a brutal October 10th market crash that saw a colossal $19 billion evaporate from the crypto industry. A rather timely intervention, wouldn’t you say? Almost as if the state was trying to salvage something from the wreckage of what was once a bubbly market.
Industry Response: A Sigh of Relief
Joe Ciccolo, Executive Director of the California Blockchain Advocacy Coalition, gave the bill a resounding thumbs-up. “Earlier versions would have forced exchanges, custodians, and wallet providers to liquidate assets without user consent,” he said, sounding almost like a proud parent. Ciccolo added that such liquidation would’ve created taxable events for consumers, which, of course, nobody wants – least of all during a crypto meltdown.
And it’s not just crypto that’s getting the spotlight. Governor Newsom also put the AI industry on notice, calling for more accountability for those creating or using AI. He’s clearly aiming to make sure we don’t end up in a dystopian future where digital currency and robot overlords are both, well, kind of a problem.
California’s bold move now sets the bar for how other states may choose to deal with digital assets. By treating crypto with the care it deserves, the state is paving the way for a future where, hopefully, your forgotten tokens are safe and sound. Trust is, after all, what makes digital futures work-who knew California would become the guardian of your lost fortunes?
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2025-10-14 14:13