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Assembly committee sends SB 822 to appropriations to treat virtual currency as unclaimed property
Summary
The Assembly Banking and Finance Committee voted to pass SB 822 as amended, directing the State Controller to treat abandoned virtual currency under California's unclaimed property law and outlining custodial, notification and liquidation rules.
The California State Assembly Banking and Finance Committee voted to pass SB 822 as amended and referred the bill to the Appropriations Committee after a presentation by the bill's author, Senator Becker.
SB 822 aims to update California's unclaimed property law to explicitly include virtual currencies, the bill's author said, creating a clear process for holders to report and for the State Controller's Office to receive and manage abandoned digital assets. The author told the committee that virtual currency would follow the same timeline as stocks, and that owners would have an opportunity to reclaim assets.
The bill clarifies that a virtual currency is considered abandoned if it has been dormant for three years; holders would have to make…
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