California advances unclaimed crypto, wide-ranging payments bill

California’s lower house has passed a sweeping crypto payments-regulating bill that would also allow the state to take idle crypto holdings from exchanges if an owner hasn’t accessed their account in three years.

The California State Assembly passed Assembly Bill (AB) 1052 in a 78-0 vote on June 3, which would make crypto subject to the state’s unclaimed property laws and allow California to take possession of crypto in a user’s exchange account if it hasn’t performed “an act of ownership interest” over three years. 

Such acts include…