Unclaimed property: digital financial assets.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a framework for managing unclaimed digital financial assets in California. It creates the Digital Asset Claims Reserve Account and the Digital Asset Reserve Fund to hold these assets and manage any proceeds from their sale. The bill requires the State Controller to hold digital assets in their original form for a period and liquidate them if unclaimed, depositing the proceeds into the reserve account. The bill also establishes a Digital Asset Reserve Board to oversee investment policies for the reserve fund.
Key provisions
- Creates the Digital Asset Claims Reserve Account to hold escheated digital financial assets.
- Creates the Digital Asset Reserve Fund to invest proceeds from the sale of digital assets.
- Requires the State Controller to hold digital assets in their native form for 18-20 months after reporting.
- Mandates liquidation of unclaimed digital assets and deposit of proceeds into the reserve account.
- Establishes the Digital Asset Reserve Board to oversee investment policies.
- Authorizes the Controller to use assets from the Digital Asset Reserve Fund to cover administrative costs.
- Requires the Controller to publish a quarterly report on digital asset activity.
- Permits the Controller to sell digital assets to satisfy valid claims.
Who is affected
- Individuals who own digital financial assets.
- Financial institutions holding digital financial assets.
Bill text
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Sponsors
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1 on record
Primary sponsor
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