AB 1052 Digital Assets, introduced by member of the California State Assembly, Avelino Valencia, to add cryptocurrency to unclaimed property laws, has been passed by a landslide majority (69 in favor, 0 against).
“California must protect consumer interest and embrace the legal recognition of crypto and blockchain to modernize our economy,” Valencia said during the assembly meeting while introducing the bill.
While this is seen as a progressive measure by most cryptocurrency advocates, it has also set a precedent for the government being able to seize crypto if it has remained unclaimed for more than three years.
This has once again reignited discussion around the same old “not your wallet, not your crypto” adage. It has made it important for people not only to find the best crypto to buy now, but also a suitable place to store their assets.
There is No Need to Fear – Proponents of the Law
Needless to say, the reaction to the new law hasn’t been the most positive from the cryptocurrency community. Some crypto-based news outlets on X have also come out to express the negativity around the new laws.
“Not your keys, not your coins,” wrote Simply Bitcoin. Other critics bashed the bill as well, citing privacy concerns. That interpretation has led to many urging people to adopt self-custodial wallets and not rely on exchanges.
Countering these “fearmongering” arguments are the proponents of the law, who say this is a gross misinterpretation of what the law truly means.
Eric Peterson, director of the non-profit pro-Bitcoin organization called Satoshi Action Fund, has said that this interpretation of the law is “incredibly incorrect.”
Peterson, who championed the earlier version of the bill, wrote that what the law simply means is that when unclaimed property laws are updated and the unclaimed crypto from an exchange is turned over to the government, it won’t be liquidated but will stay as Bitcoin.
“Users will then be able to get their crypto back from California as Bitcoin.”
Another proponent of the law, Hailey Lennon, has also come out in defense of this law, stating that such types of laws are common.
“Most states have unclaimed property laws that exchanges comply with,” she wrote on X. “It’s returned to the owner when the owner reaches out to the state.”
Should Investors Fear about the Law?
If what the proponents have said is true, there might not be a need to panic. However, the law hasn’t been put into practice yet. And the act of “getting the crypto back from the government” could be a very complex task for most.
Furthermore, in California, there is a law that allows the state to claim property if the rightful owner hasn’t interacted with it for a certain number of years. However, if crypto is merely held inside an exchange for the purpose of growth, can it also be claimed as “unclaimed property”?
A lot of questions are still prevalent around this law, and all of them need to be answered. Therefore, those looking for the best crypto to buy now should also get the best non-custodial solutions to safeguard their assets.
Best Crypto to Buy Now
Best Wallet Token
Since crypto accessibility and the personal freedom to choose when to interact with crypto are put into question by the unclaimed property law, Best Wallet Token could easily be considered the best crypto to buy now.
Powering a self-custodial cryptocurrency wallet known as the Best Wallet, Best Wallet Token offers many unique features for beginners wanting to gain the “self-custodial” advantage.
The wallet is equipped with top-tier security features powered by Fireblocks, which not only insure the crypto holdings but also make the ecosystem more accessible. Passphrases aren’t needed to access the holdings; the focus is on using 2FA methods.
Additional features that set the Best Wallet apart include its token launchpad, which lets investors find the best early investment opportunities.
Additional perks on the platform include the ability to buy and sell crypto through the wallet itself, which is not the case with other wallets that have a DEX-like ecosystem underneath.
These facilities aren’t standard for a cryptocurrency wallet, which is why Best Wallet has been approved by the New York Post as well.
Snorter
When investors are secure about their wallets, they can take risks by diving into highly volatile meme coins. However, finding such assets at the right time matters, which is where Snorter comes in.
Snorter is a cryptocurrency project offering AI-driven crypto sniping solutions via Telegram. It lets investors find the best Solana-based meme coins quickly and invest in them in a bid to generate massive short-term gains.
With time, the project also aims to evolve and add other chains, such as Ethereum and BNB.
This utility-driven ecosystem is underscored by vivid imagery of an aardvark, which signifies snorting profits from the market.
Additional attributes such as honeypot protection, rugpull protection, and MEV protection also position Snorter as a unique project to invest in.
And the fact that all of this is provided on Telegram speaks volumes about its accessibility.
Experts at 99Bitcoins have called it the best Solana trading bot, appreciating its core features that focus on consumer protection and meme coin access at the same time.
Bitcoin Hyper
Built on the Solana Virtual Machine, Bitcoin Hyper is a new meme coin whose “Flash-like” imagery is used to highlight its core utility, unlocking Bitcoin’s potential and evolving it beyond its PoW roots.
The project is reportedly the first of its kind, promising to provide the first L2 solution for Bitcoin and offering users an ecosystem where strong applications can be built on the Bitcoin chain.
The official website highlights the need for scalability within Bitcoin’s ecosystem and how it is only possible with the aid of L2 solutions, a bridge, and enhanced security.
Bitcoin Hyper reportedly covers all of these aspects, and the fact that it has raised over $340K already shows that people are responding to what it has to offer.
Under the new California law, Bitcoin Hyper could be considered a “Bitcoin-parallel” cryptocurrency for those who want to keep their privacy secure.
Conclusion
California’s new update to the unclaimed property laws by adding cryptocurrency has revealed the apprehensions of the public regarding government oversight. It has also shown that more defined and fine-tuned changes need to be made to existing regulations so that the decentralized spirit of blockchain is not overlooked.
In the meantime, better crypto storage solutions are required. For those looking for self-custodial options, Best Wallet is a good choice, and its native crypto, Best Wallet Token, could be considered the best crypto to buy now.
Other investments (Bitcoin Hyper and Snorter) have been picked in this article because of their accessibility and inclusiveness. And since all of them are meme coins, most would have no qualms about picking a non-custodial wallet when holding them.
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