California’s Crypto Seize? Yep, You Heard That Right. Prepare to Panic! 🚨

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Breaking news: California just dropped a legal mic like it’s hot, passing a bill that’s basically saying, “Hey, if you forget about your crypto for three years, we might just help ourselves to it.” Yep, that’s right—your digital gold could be California’s new yard sale item. 🙃

On June 4, the California House decided to flex its legislative muscles and approved Assembly Bill 1052, AKA “We Can Steal Your Crypto If You’re Lazy.” The law states that if you don’t show “ownership interest” in your crypto for a whopping three years, the state can swoop in and confiscate it. Because apparently, they’re aaall about that digital redistribution life. 💸

So here’s the fancy part: if the bill passes through the Senate (fingers crossed for chaos), California can take your crypto if your exchange account has been as dormant as your high school diary. The catch? You get to “prove” ownership by doing literally anything—logging in, trading, depositing, or withdrawing. Basically, if you try to be responsible, you’re fine. If you ignore it for three years, well, say hello to your new state-approved “crypto investment.”

And don’t worry, the government isn’t just swooping in unannounced. They say they’ll try to contact you first—like that kid you ignored in class—and only after three years of radio silence does it turn into a state souvenir. 🎁

Trader panic? Oh, you bet. Long-term Bitcoin buffs are freaking out, especially Jason Ai. Williams, who basically said, “Thanks, California, for trying to turn my Bitcoin into a government gift shop item.” His words, not mine: “Bill now heads to the Senate. Hilarious. California always finding ways to rob its citizens.” Because nothing says ‘California Dreaming’ like loot. ✨

Other traders are just wondering if they should start hiding their crypto under the mattress, while some are considering self-custody to avoid becoming a state’s new crypto roommate. One user asked, “So if you just hold and never sell then they can take it away?” Yep, it’s like diaper duty for your digital assets. 💧

Myth Busting: What the Hell Is Actually Going On?

Things might look scary, but hold your crypto dragons. Policy whiz Eric Peterson from Satoshi Act Fund clears things up and says, “Calm down, everyone. This bill doesn’t mean the government’s turning your Bitcoin into Monopoly money. Nope—that’s an old myth.”

He explains that the law is basically bringing unclaimed property laws into the 21st century—so when your crypto gets “unclaimed,” the state keeps it safe in Bitcoin-form, not converted into dollar bills. Think of it like the government saying, “We’re watching your digital stash, but we promise not to sell it at a yard sale.”

“This is incredibly incorrect. What it does is update the unclaimed property laws so when your #Bitcoin is turned over as unclaimed property from an exchange, it stays in the form of Bitcoin rather than being liquidated. You can then get it back from California in Bitcoin.” — Eric Peterson (@Eric_Peterson_) June 4, 2025

So, in conclusion: California is basically trying to update the rules of the crypto playground, and yes, that might mean your digital piggy bank is technically on government loan. But don’t freak out—yet. And remember, they still accept crypto payments, so it’s like a weird digital déjà vu. 🤯

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2025-06-05 10:20