The Digital Financial Assets Law generally regulates digital financial assets and digital financial asset business activity. On or after July 1, 2026, the law prohibits a person from engaging in digital financial asset business activity unless the person is licensed by the Department of Financial Protection and Innovation or is exempt from that licensure requirement, as specified.
This bill would authorize an individual or business located within this state to accept payment in the form of a digital financial asset for the sale of any goods or services, and it would deem the use of a digital financial asset as a form of payment in a private transaction to be valid and legal consideration.
The Unclaimed Property Law provides that all intangible personal property of an apparent owner whose last known address or domicile was in the state, including intangible personal property maintained in a deposit or an account, which is held in a fiduciary capacity for the benefit of another person, escheats to the state if for more than 3 years after it becomes payable or distributable, the apparent owner has not taken specified actions showing an interest in or control of the property.
This bill would provide that intangible property held in a digital asset account escheats to the state 3 years after either written or electronic communication to the owner is returned undelivered, or the date of the last exercise of ownership interest, as defined, by the owner. The bill would require the holder of a private key for a digital asset account that has escheated to the state to transfer the digital asset to a custodian designated by the Controller. The bill would require the Controller to appoint a custodian no later than January 1, 2027, as specified.

Statutes affected:
AB 1052: 2000 FIN
02/20/25 - Introduced: 2000 FIN
03/28/25 - Amended Assembly: 87102 GOV, 87102 GOV, 2000 FIN
05/01/25 - Amended Assembly: 87102 GOV