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 · 1d ago
Would credit card points, miles, etc. fall in the same bucket ("digital financial assets")?
moomin · 23h ago
Don’t think any of those things are transferable, so the question is moot. They’re not really assets the way crypto is.
dataflow · 36m ago
They're definitely transferable in some cases, and there are often secondary markets for these that don't require transfers at all. (e.g., use points to buy gift card that you then use or transfer to someone else in exchange for goods or money.)
xhkkffbf · 21h 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.
nivertech · 22h 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 · 21h ago
I suspect the state of California probably won’t be too keen on transferring unknown debts to their accounts!
nivertech · 19h 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 · 21h ago
How do they know the assets are actually in California? Isn't the Blockchain everywhere and nowhere at the same time?
CodesInChaos · 20h 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.