California Move To Takeover Crypto Left Unclaimed In Exchanges Spurs Debate: Golden State Robbing Citizens Or Just Following Precedents?
California lawmakers passed a bill Wednesday allowing the authorities to take control of cryptocurrency from exchanges after three years of inactivity under the Unclaimed Property Law.
What happened: The bill, which proposes to regulate digital asset financial activities, states that “intangible property” held in a cryptocurrency account will become state property if the holder fails to complete an “act of ownership interest” within three years.
These acts include making a transaction, i.e., buying, selling, depositing or withdrawing, and accessing the account electronically, among others.
The draft legislation passed the Assembly and will now proceed to the California Senate.
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
The development riled up the cryptocurrency community, with several X users deeming it a seizure of …
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