At the beginning of the month, the lower Chamber of Congress of California adopted a draft law regulating cryptocurrency payments. However, the document has a controversial record.
California will allow cryptocurrency payments?
The state assembly of California adopted a bill of the Assembly Bill (AB) Act 1052. If the document is voted by the State Senate and then signed by the governor, natural persons and enterprises in California, they will be able to accept cryptocurrencies as a form of payment for goods and services.
If it is adopted, the Act will enter into force on July 1, 2026.
Controversy
However, the project also contains a very controversial record, which will be allowed to take into account California taking cryptocurrencies on the stock accounts of those users who have not done anything with them for three years. In other words, if the investor buys Bitcoin and leaves him on the stock exchange, after three years BTC can be taken over by the authorities.
Opinions about the new law are divided. Critics say that the entries about taking over BTC are abuse. Only that supporters of the Act indicate that many people do not understand how exactly the regulations are to act. Eric Peterson, politics director in the Non-Profit Organization SATOSHI Action Fund, which helped develop an earlier version of the Act, claims that in the narrative regarding the document a little “misunderstandings” appeared. He explains that even if the state takes over bitcoins, the holder will be able to recover them.
Instead of selling your bitcoins after 3 years of inactivity (on the stock exchange), depositors must convey your BTC to a licensed depositary chosen by Stan. Bitcoins are then stored in native form, not converted into dollars
he added.
Everything is consistent with the law that applies in California, and also applies to inactive bank accounts and brokerage accounts. Such regulations make sense, because they protect the investor from the fall of the stock exchange. After three years, the authorities will take care of our assets.
Hailey Lennon, a former legal councilor for regulation in the Coinbase cryptocurrency exchange, also indicates that similar provisions are already in force in other states:
Most states have provisions regarding “missed property” that the stock exchanges follow. He is returned to the owner when the owner contacts the state.
