A relatively new law allows the state of California to claim crypto holdings from accounts deemed inactive.
SB 822, The Unclaimed Property Law (UPL), was signed into law by Governor Newsom last October.
While the state must make efforts to discover legal holders, after three years, the assets may be transferred to the state and deemed abandoned.
Proven owners may still claim their assets from the State at any time, with no expiration.
The UCL is an update to existing rules, as it did not address digital assets.
All 50 US states have unclaimed property laws with variations in notification and inactivity periods.