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Advocate proposes cost‑neutral California digital asset reserve funded by unclaimed crypto
Summary
Dennis Porter of Satoshi Action Fund urged the Assembly committee to explore amendments to SB 822 that would convert unclaimed digital assets into a state digital asset reserve fund, arguing a small allocation to Bitcoin could preserve purchasing power and that a cost‑neutral model can protect taxpayers while generating revenue with guardrails and legislative oversight.
Dennis Porter, CEO and cofounder of Satoshi Action Fund, urged California lawmakers to consider amendments to SB 822 that would allow the state to manage unclaimed digital assets strategically through a cost‑neutral digital asset reserve.
"Instead of simply holding them passively, the state [could] manage them strategically at 0 cost to taxpayers," Porter said, describing a model that would retain unclaimed digital assets in native form, convert miscellaneous tokens to high‑quality digital assets, and deposit them into a reserve governed with public reporting and legislative oversight.
Porter cited a counterfactual study his organization conducted with academic partners that analyzed 2018–2024 reserve performance across all 50 states using actual cash flows, CPI and historical…
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