The California House passed AB-1052, a bill allowing the confiscation of "unclaimed" cryptocurrency for three years

ChainCatcher news, according to Decrypt, the California Assembly passed AB-1052 on Tuesday with a unanimous vote of 78-0. This bill stipulates that if cryptocurrency holders do not demonstrate "ownership interest" in their assets for three consecutive years, the state government may take over these "unclaimed" digital assets. "Ownership actions" include transactions or electronic access to accounts.

Unlike the concerns raised on social media, supporters of the bill emphasize that the seized crypto assets will be held in their original form by custodians, rather than being liquidated by the state government. Holders can reclaim their assets at any time, avoiding the risk of forced sales under unfavorable market conditions.

The bill essentially incorporates cryptocurrency into the same unclaimed property law framework as traditional assets (such as bank accounts and safe deposit boxes). The bill has been submitted to the California Senate for further review, where it may be amended, vetoed, or passed as is.