California's State Assembly has passed Assembly Bill (AB) 1052 with a unanimous 78-0 vote on June 3, 2025. This bill would bring cryptocurrencies under the state's unclaimed property laws, allowing California to take possession of crypto assets in user exchange accounts that have been inactive for three years without an "act of ownership interest," such as transactions, deposits, withdrawals, or account access.
The state would then hold these assets in custody rather than liquidating them, enabling owners to reclaim their crypto in its original form later.
Additionally, AB 1052 allows individuals and businesses in California to accept cryptocurrency as payment for goods and services, supporting broader crypto adoption in the state.
The bill now moves to the California Senate, where it may be modified, rejected, or passed to Governor Gavin Newsom for signing into law or veto. If enacted, the law would take effect on July 1, 2026, and would require licensing for digital financial asset business activities by the Department of Financial Protection and Innovation (DFPI).
Alongside AB 1052, California also passed Assembly Bill 1180 (AB 1180), which enables state government agencies to accept cryptocurrency payments under a pilot program running until January 1, 2031, with full implementation starting July 1, 2026.
This bill mandates the DFPI to regulate crypto payments for state fees and transactions and report on crypto transaction volumes and challenges by January 1, 2028.
Together, these bills mark significant steps toward integrating cryptocurrency into California's financial and regulatory framework, aligning the state with others like Florida and Colorado that have embraced crypto payments and regulation.
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