California Sets New Rules for Unclaimed Bitcoin and Crypto Assets
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California has updated laws to classify digital assets as property. Custodians must notify users 6–12 months before declaring crypto as abandoned. Other states are also revising rules on dormant crypto, with some considering liquidation of unclaimed assets.
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- Under the new laws (Assembly Bill 1052 and the updated Senate Bill 822), digital assets are officially considered property.
- Before crypto is deemed abandoned, custodians must notify users 6–12 months ahead of the transfer deadline.
- Other states like Illinois, Delaware, and Arizona are revising dormant crypto rules, with some opting to liquidate unclaimed assets for cash.
California lawmakers have passed an important update to the state’s rules for lost and abandoned property, now including cryptocurrencies like Bitcoin.
Under the new regulation (Assembly Bill 1052 and the updated Senate Bill 822), which Governor Gavin Newsom signed in 2025, digital assets are officially considered property. This means that if a crypto account shows no activity for three years on an exchange or in a custodial wallet, the state can take custody of it as unclaimed or abandoned prop…
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