California lawmakers pass a bill to take over unclaimed crypto assets on trading platforms and hold them in custody

June 5 news, California lawmakers passed a bill in the House on Tuesday requiring the state government to seize unclaimed crypto assets from cryptocurrency trading platforms if a customer account has been inactive for three consecutive years and has not "shown interest in their assets." Although the bill has sparked debate among crypto investors and faced widespread opposition on social media, there may be no need for excessive concern. Supporters of the bill state that the state government will not liquidate unclaimed Bitcoin or other digital assets, but rather have them held by a third-party custodian for easy future claims by customers—meaning investors' tokens will not be sold at a low price without consent.