California SB822 clarifies that digital financial assets are subject to the state's unclaimed property law.

California SB822 amends the Code of Civil Procedure to clarify that digital financial assets are considered intangible property subject to the state's unclaimed property law. The Controller is authorized to select custodians for managing and safeguarding escheated digital financial assets, provided they hold a valid license from the Department of Financial Protection and Innovation. The bill outlines criteria for selecting custodians, including storage security, key management, and compliance with federal and state regulations.

California SB822 clarifies that digital financial assets are subject to the state's unclaimed property law.

California SB822 amends the Code of Civil Procedure to clarify that digital financial assets are considered intangible property subject to the state's unclaimed property law. The Controller is authorized to select custodians for managing and safeguarding escheated digital financial assets, provided they hold a valid license from the Department of Financial Protection and Innovation. The bill outlines criteria for selecting custodians, including storage security, key management, and compliance with federal and state regulations.