California has become the first state in America to officially protect forgotten cryptocurrency from being forced into conversion to cash. Bill SB 822, proposed by Senator Josh Becker and signed into law by Governor Gavin Newsom, expands the Unclaimed Property Law (UPL) to include digital assets such as Bitcoin and Ethereum. According to the new law, custodians must notify owners 6–12 months before reporting forgotten assets and must transfer the correct type of cryptocurrency along with the personal key to the licensed custodian. After 18–20 months, the state may convert cryptocurrency to fiat money, but owners still have the right to reclaim their assets. In parallel, Newsom also signed SB 243, establishing the first legal framework for AI chatbots. Meanwhile, Michigan is considering investing in Bitcoin, following the trend of states and countries expanding cryptocurrency reserves.
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