Crypto Assets left unclaimed in California could soon be seized by the CA state

https://www.thestreet.com/crypto/policy/california-state-mulls-seizing-crypto-assets-left-unclaimed-for-3-years

9•hippich•7mo ago

Comments

dataflow•7mo ago

Would credit card points, miles, etc. fall in the same bucket ("digital financial assets")?

moomin•7mo ago

Don’t think any of those things are transferable, so the question is moot. They’re not really assets the way crypto is.

nivertech•7mo ago

Crypto per se isn’t an asset class, it’s merely a form, not a substance. It can anything: from currency, to debt, to security, to derivatives, and anything hybrid or in between. Similarly like paper can be used for banknotes, cheques, stock certificates, bonds, etc.

moomin•7mo ago

I suspect the state of California probably won’t be too keen on transferring unknown debts to their accounts!

nivertech•7mo ago

it's unenforceable anyway.

The way crypto lending works is u need to pledge an excess collateral in one token in order to get a loan in another token ;)

xhkkffbf•7mo ago

They are more transferable than not. Many companies allow people to gift their miles. I agree there aren't liquid marketplaces and easy ways to just send them like Venmo, but that doesn't mean they aren't transferable.

dataflow•7mo ago

They're definitely transferable in some cases, and there are often secondary markets for these that don't require transfers at all. (e.g., use points to buy gift card that you then use or transfer to someone else in exchange for goods or money.)

xhkkffbf•7mo ago

How do they know the assets are actually in California? Isn't the Blockchain everywhere and nowhere at the same time?

CodesInChaos•7mo ago

It's about assets on exchanges. Exchanges know who owns the account and where they live.

> To put it simply, the bill, once passed, allows the state of California to seize cryptocurrencies left unclaimed on exchanges for 3 years, which can then be claimed by their owners.

> Notably, the bill earlier mentioned crypto self-custody provisions which have been deleted.

CodesInChaos•7mo ago

The tweet claims that "Assets left on an exchange for 3 years will transferred to the state, and can then be claimed by the owner." That sounds rather crazy to me.

People leave assets, be they stocks or crypto-currency, on broker accounts for many years all the time. Is there an equivalent law for stocks as well? And how can a customer reset the clock? Just by logging in?

Reverse-Engineering Raiders of the Lost Ark for the Atari 2600

Show HN: Deterministic NDJSON audit logs – v1.2 update (structural gaps)

The Greater Copenhagen Region could be your friend's next career move

Do Not Confirm – Fiction by OpenClaw

The Analytical Profile of Peas

Hallucinations in GPT5 – Can models say "I don't know" (June 2025)

What AI is good for, according to developers

OpenAI might pivot to the "most addictive digital friend" or face extinction

Show HN: Know how your SaaS is doing in 30 seconds

ClawdBot Ordered Me Lunch

What the News media thinks about your Indian stock investments

Running Lua on a tiny console from 2001

Google and Microsoft Paying Creators $500K+ to Promote AI Tools

New filtration technology could be game-changer in removal of PFAS

Show HN: I saw this cool navigation reveal, so I made a simple HTML+CSS version

Kinda Surprised by Seadance2's Moderation

I Write Games in C (yes, C)

Django scales. Stop blaming the framework (part 1 of 3)

Malwarebytes Is Now in ChatGPT

Thoughts on the job market in the age of LLMs

Show HN: Stacky – certain block game clone

AIII: A public benchmark for AI narrative and political independence

SectorC: A C Compiler in 512 bytes

The API Is a Dead End; Machines Need a Labor Economy

Digital Iris [video]

New wave of GLP-1 drugs is coming–and they're stronger than Wegovy and Zepbound

Convert tempo (BPM) to millisecond durations for musical note subdivisions

Show HN: Tasty A.F. - Use AI to Create Printable Recipe Cards

The Contagious Taste of Cancer

U.S. Jobs Disappear at Fastest January Pace Since Great Recession