California’s New Law: Keeping Your Crypto Safe From State Grabbers!

Oh, look! California’s got a new law to protect unclaimed crypto. Guess they don’t want your Bitcoin just lying around waiting to be snatched up by the state. Very considerate, right? 😒

So, California decided it had enough of crypto sitting idle, doing absolutely nothing. The state’s got a law to keep your unclaimed digital assets *exactly where they belong* – out of the hands of anyone looking to liquidate them. Sounds pretty cool, right? Or is it just a way for politicians to look like they care about your online money? 🤷‍♂️

The new SB 822 (yes, it’s got a catchy number) was signed by Governor Gavin Newsom on October 11, 2025. Basically, this new rule is an extension of the California Unclaimed Property Law, but now it includes cryptocurrencies like Bitcoin and Ethereum. Because, of course, how could we forget that digital money needs protection too? 🤑

What does it mean? Well, SB 822 ensures your forgotten or dormant crypto won’t get liquidated. Instead, it’ll stay in its lovely digital form, just chilling, until someone gets around to claiming it. 👀

So, What Exactly Does SB 822 Do? And Why Should You Care? 🤔

According to this bill, after three years of no one touching their crypto, the state can step in and *technically* take it. But here’s the catch: they have to let you know. They can’t just sneakily take your stuff like a thief in the night. There’s a nice, formal process to remind you that your crypto might get scooped up by the state. You’ve got six to twelve months to get your act together. Good luck! ⏳

If you still care about your digital assets, you’ll need to fill out a form approved by the State Controller and notify them that, yes, you still want to keep your crypto. But, don’t take too long – otherwise, it’s state property. 😬

And, don’t think you can get away with a vague description. You’ll need to hand over all the specifics – the private keys, the whole digital treasure chest – within 30 days of the final report. Of course, it’ll be in the hands of “licensed custodians” who are *totally trustworthy* to hold on to it safely. Just like those banks who keep your money safe… until they don’t. 😏

Also, here’s a fun twist: unless you claim your crypto within 18 to 20 months after it’s transferred to the state, they might liquidate it. That’s right, they can turn your precious coins into boring, old fiat currency. Because, who needs digital money anyway? 💸

Let’s Talk About Crypto Owner Rights, Shall We? 🧐

This bill is really *pushing the envelope* when it comes to modernizing property laws. Can’t let crypto be all wild and free without some rules, right? 😎

Source – X

The bill is supposed to stop those greedy custodians and exchanges from prematurely selling off your crypto without your permission. So, if the state decides to liquidate, you can still claw back your original digital assets or the proceeds. It’s like a “get out of jail free” card. Well, kind of. 😜

Now, there’s even more transparency! Crypto custodians will be *forced* to keep you in the loop and let you know when your assets are being taken care of, so they don’t just dump them for a quick buck. Transparency, folks! Who knew crypto needed *this much* transparency? 😆

2025-10-14 21:05

So, What Exactly Does SB 822 Do? And Why Should You Care? 🤔

Let’s Talk About Crypto Owner Rights, Shall We? 🧐

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