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California is setting a new precedent in how governments handle digital money.

Governor Gavin Newsom recently signed a new law that makes it the first U

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Modernizing California’s Property System

California’s SB 822 also modernizes the state’s unclaimed property system, which had long been stuck in outdated, paper-based processes. 

By keeping unclaimed crypto in its original form and placing it under licensed custodians, the law protects value, ensures transparency, and makes it easier for owners to reclaim their assets.

California is leading the way in protecting digital asset owners and setting an example for other states to follow.

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FAQs

What is California’s new law on unclaimed cryptocurrency?

California law SB 822 ensures unclaimed crypto stays in its original form, giving owners a better chance to reclaim their assets.

Who manages unclaimed crypto in California?

Licensed custodians, appointed by the State Controller, securely manage unclaimed crypto until the rightful owner claims it.

How long before unclaimed crypto can be converted to cash?

If no owner claims it within 18–20 months of reporting, the State Controller may convert unclaimed crypto to cash.

How are dormant crypto accounts reported under the law?

Companies notify owners 6–12 months before reporting inactive accounts and transfer exact crypto and keys to licensed custodians.