California Dream. California is a relatively crypto-friendly and in 2022, the governor of California had even signed a decree To encourage the adoption of cryptocurrencies. However, a new law may well undermine this relationship, because the State wishes to be able to grasp inactive cryptos for more than three years. A proposal that has not been well received by the Crypto community. Ah good ?
- California has adopted a bill allowing the seizure of inactive cryptocurrencies for over three years.
- The Crypto community reacted strongly, fearing a violation of private life and cypherpunk ethics.
California wants to grasp inactive cryptos for over 3 years
Tuesday, theCalifornia assembly adopted the bill AB 1052 which aims to regulate payments in cryptocurrencies and commercial activities linked to cryptos in the state.
A arrangement particular of this bill has aroused concerns among the investors in Bitcoin & Co, because it would allow the state of Sear the assets in cryptocurrencies Not claimed by exchanges customers after three years of inactivity!
In practice, cryptocurrency holders must perform « An act of property interest » At least once every three years. This could be a transaction involving their digital asset accounts or simply accessing their accounts.
If no activity is detected during this period, the cryptocurrencies Could become (temporarily) the property of the state! But once seizuresthey would not be liquidated by the authorities, they would rather be preserved by a depositary so that customers can to recover subsequently.
The angry crypto community
Unsurprisingly, this proposal was not well received by the community crypto. Many actors have criticized this measure, describing it as a violation of private life and Cypherpunk ethics which underpins the Bitcoin movement.
Faced with these criticisms, some defenders The bill tried to reassure investors. They stressed that the law on Not claimed goods also applies to traditional active such as bank accounts and bundles. According to them, it is simply a question of extending this legislation to cryptocurrencies.
Eric Peterson, director of politics at Satoshi Action Fundhas declared on X that fears concerning the permanent entry of bitcoins by the Californian authorities were « Incredibly incorrect ».
He defended the project by explaining that bitcoins seized would remain in the form of bitcoins And that they could be recovered by their owners:
“When your bitcoin is given as well as not claimed by an exchange, it remains in the form of Bitcoin rather than being liquidated. You can then recover it from California in Bitcoin. »»
Eric Peterson, director of politics at the Satoshi Action Fund – Source: X account
The bill must still be examined by California Senate And it could therefore be modified, rejected or adopted without change. If this bill is signed, it would make cryptos an unqualized good, subject to same rules as traditional assets.
It is ultimately a form of standardization of cryptocurrency in the state of California! Bitcoin and cryptocurrencies will be treated like other digital assets, no more, no less. Not enough to panic, nor get angry, It will be enough for all our Californian friends to connect a minus once every three years on their platform to stay safe from this directive. And as a good crypto fan, it is still difficult to imagine someone staying away from their wallet for so long!