California’s Crypto Caper: Will Your Bitcoins End Up in State’s Pocket? 🤔

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California’s Crypto Caper: Will Your Bitcoins End Up in State’s Pocket? 🤔

  • California’s Assembly has passed a bill to seize unclaimed crypto after three years on custodial platforms
  • AB 1180 enables the pilot use of digital currencies for paying state fees and transactions

In a display of unity so rare it might make you believe in politics again, the California State Assembly, with a vote of 69-0, decided to give itself the power to snatch away your digital treasure if you ignore it long enough—three years, to be exact.

Yes, you heard it right. Now, your neglected Bitcoin, lounging forgotten on some big exchange, could soon be considered California’s new property—like that abandoned boat in the harbor, only digital and possibly more expensive.

This move is a loud nod to the future, blending the old laws about abandoned bank accounts with the new world of virtual coins. Because nothing screams stability like handing government the reins over your crypto stash, right?

So, what’s AB 1052 really about? 🤷‍♂️

Introduced with the flair of a politician eager to be remembered, Democrat Avelino Valencia’s masterpiece aims to bring crypto into the fold of unclaimed property—just like money in a forgotten sock drawer, only in blockchain form.

It treats these digital blobs the same as dusty bank accounts—left untouched, waiting to be claimed someday, perhaps by someone who still remembers they exist.

If this thing passes, the state gets a three-year window to take control of your crypto on big exchanges—kind of like that cousin who shows up unannounced and never leaves, but with more legal fuss.

Earlier drafts considered wallets you keep under your pillow, but those plans were scrapped faster than a bad investment, narrowing the scope to custodial platforms only.

People’s reactions: mixed—or just confused? 😅

The cheerleaders for this bill say it’s fair—custodians will hold your crypto safe, instead of flipping it into the state’s cash register. A win, they claim, for owners who might suddenly remember they once owned Bitcoin.

But the cypherpunk crowd? Well, they see this as Big Brother with a Bitcoin hat. Privacy, sovereignty—they’re waving goodbye, waving flags of protest.

Still, supporters insist it’s just an update—nothing to see here—meant to keep up with the crazy-fast world of digital finance, not to turn everyone into crypto hostages.

California’s relentless crypto spree continues 🚀

And just when you thought it was enough, California also rubber-stamped AB 1180—another brainchild of Mr. Valencia, offering a test run for using digital cash to pay for state stuff. Fancy that! Paying taxes with Bitcoin? Why not—next thing, they’ll be accepting it for routine coffee purchases.

California joins the ranks of Wyoming, Florida, Texas, and New Hampshire—states that apparently believe regulations are more fun when they’re confusing and unpredictable.

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2025-06-06 08:42