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    AB-1052
    Consumer Protection

    Digital financial assets.

    Engrossed
    CA
    ∙
    2025-2026 Regular Session
    0
    0
    Track
    Track

    Key Takeaways

    • Establishes a process for unclaimed digital financial assets to transfer to state ownership after three years of inactivity.
    • Requires financial institutions to notify owners 6-12 months before their digital assets are transferred to the state.
    • Authorizes the state to select licensed custodians to manage and safeguard transferred digital assets.
    • Mandates holders with private keys to transfer digital assets to the state upon escheatment.

    Summary

    Assembly Member Valencia's legislation establishes procedures for unclaimed digital financial assets to escheat to California, extending the state's existing unclaimed property framework to address emerging forms of digital wealth. The measure creates a three-year escheatment period that begins when communications to account owners are returned undelivered or after the last documented account activity.

    The bill requires holders with full control of private keys to transfer escheated digital assets directly to the State Controller while allowing those with partial key access to maintain custody until complete transfer capability exists. To manage escheated digital assets, the Controller may appoint licensed custodians who meet specific criteria, including secure storage capabilities, private key management expertise, and compliance with anti-money laundering regulations.

    Account holders must notify apparent owners about potential escheatment 6-12 months before reporting the property to the state. The notification must detail the escheatment timeline and process for reclaiming assets. Owners can prevent escheatment by confirming their current contact information or demonstrating account activity through transactions, electronic access, or other actions that indicate awareness of the assets' existence.

    Key Dates

    Next Step
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Hearing has not been scheduled yet
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Do pass as amended, but first amend, and re-refer to the Committee on [Banking and Financial Institutions]
    Vote on Assembly Floor
    Assembly Floor
    Vote on Assembly Floor
    AB 1052 Valencia Assembly Third Reading
    Assembly Appropriations Hearing
    Assembly Committee
    Assembly Appropriations Hearing
    Do pass as amended
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass and be re-referred to the Committee on [Elections]
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Contacts

    Profile
    Roger NielloR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Monique LimonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 7 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Roger NielloR
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Profile
    Monique LimonD
    Senator
    Committee Member
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Profile
    Avelino ValenciaD
    Assemblymember
    Bill Author
    Profile
    Laura RichardsonD
    Senator
    Committee Member

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Avelino Valencia
    Avelino ValenciaD
    California State Assembly Member
    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (6/3/2025)

    Latest Voting History

    View History
    July 1, 2025
    PASS
    Senate Committee
    Senate Judiciary Hearing
    AyesNoesNVRTotalResult
    130013PASS

    Key Takeaways

    • Establishes a process for unclaimed digital financial assets to transfer to state ownership after three years of inactivity.
    • Requires financial institutions to notify owners 6-12 months before their digital assets are transferred to the state.
    • Authorizes the state to select licensed custodians to manage and safeguard transferred digital assets.
    • Mandates holders with private keys to transfer digital assets to the state upon escheatment.

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Avelino Valencia
    Avelino ValenciaD
    California State Assembly Member

    Summary

    Assembly Member Valencia's legislation establishes procedures for unclaimed digital financial assets to escheat to California, extending the state's existing unclaimed property framework to address emerging forms of digital wealth. The measure creates a three-year escheatment period that begins when communications to account owners are returned undelivered or after the last documented account activity.

    The bill requires holders with full control of private keys to transfer escheated digital assets directly to the State Controller while allowing those with partial key access to maintain custody until complete transfer capability exists. To manage escheated digital assets, the Controller may appoint licensed custodians who meet specific criteria, including secure storage capabilities, private key management expertise, and compliance with anti-money laundering regulations.

    Account holders must notify apparent owners about potential escheatment 6-12 months before reporting the property to the state. The notification must detail the escheatment timeline and process for reclaiming assets. Owners can prevent escheatment by confirming their current contact information or demonstrating account activity through transactions, electronic access, or other actions that indicate awareness of the assets' existence.

    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (6/3/2025)

    Key Dates

    Next Step
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Banking and Financial Institutions
    Hearing has not been scheduled yet
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Do pass as amended, but first amend, and re-refer to the Committee on [Banking and Financial Institutions]
    Vote on Assembly Floor
    Assembly Floor
    Vote on Assembly Floor
    AB 1052 Valencia Assembly Third Reading
    Assembly Appropriations Hearing
    Assembly Committee
    Assembly Appropriations Hearing
    Do pass as amended
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass and be re-referred to the Committee on [Elections]
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Latest Voting History

    View History
    July 1, 2025
    PASS
    Senate Committee
    Senate Judiciary Hearing
    AyesNoesNVRTotalResult
    130013PASS

    Contacts

    Profile
    Roger NielloR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Monique LimonD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 7 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Roger NielloR
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Committee Member
    Profile
    Monique LimonD
    Senator
    Committee Member
    Profile
    Sabrina CervantesD
    Senator
    Committee Member
    Profile
    Melissa HurtadoD
    Senator
    Committee Member
    Profile
    Avelino ValenciaD
    Assemblymember
    Bill Author
    Profile
    Laura RichardsonD
    Senator
    Committee Member