California Leads the Way by Safeguarding Unclaimed Crypto from Forced Sales

California, led by Governor Gavin Newsom, becomes the first state to protect unclaimed crypto from forced liquidation, preserving digital assets in their original form.

• Governor Gavin Newsom signed Senate Bill 822, which updates Californias Unclaimed Property Law to explicitly include digital asset protections for cryptocurrencies like Bitcoin and Ethereum.
• The legislation prevents the liquidation of unclaimed cryptocurrencies, ensuring they are not converted to cash before being transferred to state custody, a significant change in asset management.
• Californias move sets a precedent as the first state in the United States Senate to safeguard unclaimed digital assets, reflecting the growing importance of cryptocurrency regulation.