The recent approval in California of a bill on crypto aims to revolutionize the management and acceptance of digital assets, bringing significant changes for users and operators.
The State Parliament has unanimously approved Assembly Bill 1052 (AB 1052), which introduces precise rules for the custody, use, and collection of inactive digital assets by exchanges.
This initiative could mark a historic change in U.S. regulations, with significant impacts on the crypto ecosystem in the short and medium term.
Summary
The impact on the legality of payments in crypto
According to the new AB 1052, California will extend its unclaimed property laws to digital assets, including crypto like Bitcoin, if users do not perform any activity on their account for at least three years.
These activities, defined as “acts of ownership interest,” include purchase or sale transactions, deposits, withdrawals, or even simple account accesses.
If no action occurs within this period, the State may act to take possession of such assets, which will be transferred to a licensed custodian selected by the State itself.
This approach aims to prevent inactive crypto from being lost or sold without authorization, respecting the original value of the assets.
As a result, when Bitcoin or other unclaimed digital currencies enter the hands of the public administration, they will not be liquidated, but kept in their native format awaiting a request from the legitimate owner.
Another important chapter introduced by AB 1052 concerns the acceptance of crypto as a method of payment.
The law will officially allow individuals and companies in California to accept crypto for goods and services, thus regulating a market that is still little regulated but rapidly growing.
However, all individuals or entities that intend to operate in the digital asset business must be equipped with a license issued by the Department of Financial Protection and Innovation, unless they benefit from a specific exemption.
This provision reflects the growing state attention to the protection of users, transparency, and security of transactions. Furthermore, it creates a regulatory framework that balances innovation with clear principles of control and legality.
Legislative process and timing
The vote in the California State Assembly on June 3 concluded with a clear result: 78 votes in favor, none against. Now the bill moves to the State Senate, where it can be amended, approved, or rejected.
In case of a positive outcome, the text will be sent to Governor Gavin Newsom for the final signature or veto.
In case of approval, the regulation will come into effect starting from July 1, 2026, thus giving time to institutions, crypto operators, and users to adapt to the new rules and procedures.
The opinions on the bill have been divergent and heated since its debut. Many critics have denounced a potential excess of power by the State.
In particular, highlighting how the possibility of appropriating inactive digital assets can be seen as an invasion of private property. However, supporters and industry experts have clarified several aspects to highlight the benefits and guarantees present in the text.
Eric Peterson, policy director del Satoshi Action Fund, movimento favorevole a Bitcoin, explained that the law simply updates the existing regulations on unclaimed assets to adapt them to the digital world.
There will be no forced sale of Bitcoin, but rather their transfer to authorized custodians, returning the assets to the original owner’s hands as soon as they request it. “The cryptocurrency remains in its native form, without conversions to dollars,” emphasized Peterson.
Dennis Porter, founder of the same organization, added that California intends to correct a mechanism present in many States, which no longer functions adequately with the new forms of digital ownership.
Hailey Lennon, former regulatory consultant for Coinbase, also recalled how similar laws are already in effect in other federal states.
Specifically, emphasizing that exchanges are required to comply with regulations on unclaimed assets, with the consequent return of the assets to the user once they request them.
What changes for users and for the crypto market
The discipline contained in AB 1052 offers several advantages. First of all, it should reduce the risks of dispersion or involuntary liquidation of digital assets.
Secondly, it ensures that users can regain their crypto, even after years of inactivity, simply by activating the recovery procedure.
Furthermore, the regulations create a more stable and regulated environment for the acceptance of crypto in payments, thus stimulating the concrete adoption of these technologies by companies and consumers.
However, the licensing requirement obliges operators to adequately regulate their activity and adhere to higher standards. Thus providing greater protection to those who decide to invest or pay in crypto.
If definitively approved, California could become one of the leading states for a modern and comprehensive regulation of the crypto sector. This model could be replicated elsewhere, promoting greater regulatory clarity at the national level.
The evolution of the digital market requires precise, yet flexible rules aimed at protecting users without stifling innovation. In this context, the transparent management of inactive assets and the legal enablement of payments in crypto represent decisive steps.
It is essential that users, investors, and operators in the crypto sector closely monitor the legislative developments in California. Especially by updating their practices and strategies in view of the new regulations.
Knowledge of the rules is essential to protect one’s assets and make the most of the opportunities offered by this continuously growing financial asset.
In conclusion, the Californian legislative shift highlights how the world of digital currencies is gaining more ground in the legal framework. Specifically, it requires collaboration between institutions, businesses, and users to build a reliable, secure, and inclusive ecosystem.
