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Bill

Bill

SB 822

Unclaimed property: digital financial assets.

2025-2026 Regular Session Introduced by Josh Becker and 1 co-sponsor

California law now requires digital asset platforms to report dormant cryptocurrency and blockchain holdings to the state, expanding unclaimed property protections to crypto owners.

Chaptered by Secretary of State. Chapter 660, Statutes of 2025.
#unclaimedproperty #digitalfinancialassets
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WeVote Research Nonpartisan
Bill Summary · SB 822

Legislative bill overview

SB 822 expands California's unclaimed property laws to include digital financial assets such as cryptocurrencies, digital wallets, and other blockchain-based holdings. The bill establishes procedures for holding entities to report and transfer dormant digital assets to the state's unclaimed property program, similar to existing requirements for traditional bank accounts and securities.

Why is this important

As digital asset ownership has grown substantially, many account holders lose access to or forget about cryptocurrency and digital holdings, leaving billions in assets unclaimed. This law creates a mechanism to eventually return these assets to owners or their heirs while establishing clear reporting obligations for exchanges, custodians, and digital asset platforms—an increasingly important regulatory matter as crypto becomes more mainstream.

Potential points of contention

  • Custody and security concerns: Transferring digital assets to state control raises questions about how California will securely store and protect cryptocurrencies from theft or technical loss
  • Holder compliance burden: Digital asset platforms may face significant operational costs and technical challenges to identify, track, and report dormant accounts to the state
  • Asset volatility and valuation: Unlike stable bank balances, cryptocurrency values fluctuate dramatically, complicating how the state should value and hold these assets for eventual return
  • Federal regulatory conflicts: Unclear how this interacts with federal cryptocurrency regulations and whether state custody complies with federal money transmission laws

Compiled from official sources — confirm details with the bill’s official record.

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