California just passed a bill to seize #Bitcoin left idle on exchanges.
After 3 years of inactivity, assets can be taken by the state under 'Unclaimed Property' laws.
Bill now heads to the Senate.
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California just passed a bill to seize #Bitcoin left idle on exchanges.
After 3 years of inactivity, assets can be taken by the state under 'Unclaimed Property' laws.
Bill now heads to the Senate.
Note: The TFTC account later posted a "correction" that once more gave out what looks like questionable info: as far as I know, escheatment gives the state the right to sell the property. Yes, you can claim later, but only the cash value at the time of sale.
Text: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202520260AB1052
Maybe someone with more experience in property laws can explain this better than I can?
I don’t even know if I should laugh or cry! But I gotta admit, it’s a pretty smart move to push people into self-custody, and honestly, that’s a good thing.
Good morning @supratic
https://xcancel.com/tftc21/status/1930318424468795427