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California lawmakers have passed a bill to take over unclaimed crypto assets on trading platforms and keep them in custody."

On June 5, California lawmakers passed a bill in the House on Tuesday requiring the state government to confiscate these unclaimed crypto assets from cryptocurrency trading platforms if customer accounts have been inactive for three consecutive years and have not "shown interest in their assets." Although the bill has sparked debate among crypto investors and has attracted widespread opposition on social media, people may not need to worry too much. Proponents of the bill say that state governments will not liquidate unclaimed bitcoins or other digital assets, but will instead be kept by a third-party custodian for later claims by customers-meaning investors 'tokens will not be sold at low prices without consent.

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