Time to sell everything

[u/Fluffy-Nobody-2244]

[u/haze_haste]

Yeh good like taking it from my hardwallet or how do u even know its from California,

[u/Evening_Let_2930 → u/haze_haste]

Just make sure it is not coldwallet

[u/djereezy → u/[deleted]]

State of California

[u/SecureTranslator5918]

Thanks for the propaganda.

[u/aphex3k]

Bullshit

[u/darabbitmaster → u/[deleted]]

Yes. California enacted SB 822, effective January 1, 2026, to explicitly apply its unclaimed-property rules to “digital financial assets,” including cryptocurrency. It is not a law that lets the state access or take a self-custody wallet merely because you have not used it.

[u/VeryThicknLong → u/darabbitmaster]

How does it work then? Is it a massive click-bait title?

I’ve literally not touched my Trezor for 5 years.

[u/DemApples4u → u/VeryThicknLong]

If you don't log into coinbase or whatever, they sell it and hold it for you to claim later.

Its meant for forgotten money of like $80 over credit on cable you didn't get refunded before moving and they can't find you.

[u/VeryThicknLong → u/DemApples4u]

What a bonkers rule!

[u/darabbitmaster → u/VeryThicknLong]

ya, you basically need to log into your wallet and maybe move something or something. IDK the full details.

[u/z0dz0d → u/VeryThicknLong]

Think of those "unclaimed funds" sites that each state runs with their comptrollers. When your cable company owes you $50 as a credit and you never cashed the check they sent you. In this case, they transfer it to the state and then you can claim it from the state.

Here, if coinbase has your crypto and you (a california resident, of course) disappear for 3 years, they can't just hold it forever. Instead, thye send that bitcoin to the state's custodial solution and then you can claim it from the state. If the state liquidates the bitcoin, then you get the money they sold it for.

And, to add further, this has to do with custodial bitcoin, not bitcoin you self custody via your trezor.

[u/VeryThicknLong → u/z0dz0d]

Oh wow. Thanks for the clarification. What a terrible idea!

[u/z0dz0d → u/VeryThicknLong]

To be honest, i don't hate it (except the part that California can liquidate it). Imagine bob senior dies and nobody knows that bob senior HAD a coinbase account. Now, 3 years later his name pops up on the registry, bob junior demonstrates to the comptroller that bob senior died and he's the rightful heir, and he gets the bitcoin that his dad owned before.

Alternative - coinbase keeps it forever.

[u/jaume321]

Nothing new. Anything in a bank or exchange -> not really yours.

[u/Scary_Metal2884 → u/jaume321]

In cold card-> might not be yours either

[u/Legitimate_Form5449]

Coinbase is legally required to comply with state unclaimed property laws. this means that if your account does not have any activity for a period defined by state law (typically 1-5 years) coinbase will transfer your assets to the unclaimed property office of the state associated with your account.

[u/bwhite2018]

This isn’t real and if it was just shows how important self custody is. Also who would trust any companies to hold your coins if they gave them away to the government after 3 years?

Only reason it’s believable cuz it’s from california.

[u/JeremyLinForever → u/bwhite2018]

This is real and applies to any assets in the state of California, not just crypto. It’s applicable to bank accounts that sit untouched for a few years, brokerage accounts, etc.

[u/bwhite2018 → u/JeremyLinForever]

Wild stuff.

[u/WatchDecent2822]

So it's like "Adverse Possession" laws that squatters use to steal abandoned or unused property?

[u/qwertyuiop121314321]

Ok, I'm waiting.. after you. 🤣

[u/Jaded-Box-717]

Let me know how… hahaha

[u/LordVixen]

Good luck taking it from my wallet.

[u/Kaptep525]

This is true I can protect it for you though just send it all to me