The tweet claims that "Assets left on an exchange for 3 years will transferred to the state, and can then be claimed by the owner." That sounds rather crazy to me.
People leave assets, be they stocks or crypto-currency, on broker accounts for many years all the time. Is there an equivalent law for stocks as well? And how can a customer reset the clock? Just by logging in?
dataflow · 23h ago
Would credit card points, miles, etc. fall in the same bucket ("digital financial assets")?
moomin · 22h ago
Don’t think any of those things are transferable, so the question is moot. They’re not really assets the way crypto is.
nivertech · 21h ago
Crypto per se isn’t an asset class, it’s merely a form, not a substance. It can anything: from currency, to debt, to security, to derivatives, and anything hybrid or in between. Similarly like paper can be used for banknotes, cheques, stock certificates, bonds, etc.
moomin · 20h ago
I suspect the state of California probably won’t be too keen on transferring unknown debts to their accounts!
nivertech · 18h ago
it's unenforceable anyway.
The way crypto lending works is u need to pledge an excess collateral in one token in order to get a loan in another token ;)
xhkkffbf · 20h ago
They are more transferable than not. Many companies allow people to gift their miles. I agree there aren't liquid marketplaces and easy ways to just send them like Venmo, but that doesn't mean they aren't transferable.
xhkkffbf · 20h ago
How do they know the assets are actually in California? Isn't the Blockchain everywhere and nowhere at the same time?
CodesInChaos · 19h ago
It's about assets on exchanges. Exchanges know who owns the account and where they live.
> To put it simply, the bill, once passed, allows the state of California to seize cryptocurrencies left unclaimed on exchanges for 3 years, which can then be claimed by their owners.
> Notably, the bill earlier mentioned crypto self-custody provisions which have been deleted.
People leave assets, be they stocks or crypto-currency, on broker accounts for many years all the time. Is there an equivalent law for stocks as well? And how can a customer reset the clock? Just by logging in?
The way crypto lending works is u need to pledge an excess collateral in one token in order to get a loan in another token ;)
> To put it simply, the bill, once passed, allows the state of California to seize cryptocurrencies left unclaimed on exchanges for 3 years, which can then be claimed by their owners.
> Notably, the bill earlier mentioned crypto self-custody provisions which have been deleted.