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- California’s AB-1052 confirms self-custody rights for all digital asset holders.
- The bill prohibits officials from promoting or sponsoring digital assets.
- Licensed custodians must manage all unclaimed digital property under the law.
California has introduced a new digital assets bill, AB-1052, aimed at protecting crypto self-custody and digital payment rights. The proposed legislation was amended on March 28 by Assemblymember Avelino Valencia, the Banking and Finance Committee Chair as noted by Satoshi Action Fund post on X.
The bill renames the original February 20 Money Transmission Act to “Digital Assets,” shifting its focus to legal protections for users of cryptocurrencies. With nearly 40 million residents in California, the bill outlines clear digital property rights and regulatory limits for public officials engaging with digital assets.
Self-Custody Rights Defined for Digital Assets
The amended AB-1052 confirms the right of individuals to self-custody bitcoin and other digital assets. It prohibits public agencies from imposing any taxes or restrictions based solely on the use of digital assets in payments. These provisions seek to protect asset holders from future discriminatory regulations targeting crypto payments.
Additionally, the bill introduces legal clarity around handling unclaimed digital property. It requires such assets to be secured by licensed custodians, reducing risks of mismanagement or loss. This measure establishes administrative control for safeguarding unclaimed crypto under state oversight. AB-1052 also amends the Political Reform Act of 1974. It bars public officials from issuing, sponsoring, or promoting any form of digital asset, commodity, or security.
The bill states that officials must avoid any action that may present a conflict of interest involving digital assets. This section ensures political influence is separated from decisions involving digital technologies. Industry firms such as Ripple Labs, Solana Labs, and Kraken operate within the state. The measure may affect how such firms interact with state regulations moving forward.
National Implications and Legislative Position
The bill is now in the “desk process,” indicating it is awaiting its first reading in the Assembly. AB-1052 is one of many state-level digital asset bills. Reports show that 95 Bitcoin-related measures have been filed across 35 states. On March 24, Kentucky signed a similar Bitcoin Rights bill into law.
In Texas, a Bitcoin strategic reserve bill passed the Senate on March 6. Earlier this month, a federal executive order created a Strategic Bitcoin Reserve using forfeited cryptocurrency.
The California bill follows a stablecoin proposal introduced on February 2. That measure outlines requirements on collateral, liquidation, settlement, and audit mechanisms for stablecoin operations.
