CA AB 2335
Status unknownUnclaimed property: digital financial assets.
California · 2025-2026 Regular Session · lower
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Quick answers
Did CA AB 2335 pass?
The current status of CA AB 2335 is not known from the official record. Latest recorded action (2026-08-13): In committee: Held under submission.
What is CA AB 2335 about?
(1) The Unclaimed Property Law (UPL) prescribes the circumstances under which intangible property, including digital financial assets, escheats to the state, including how and when apparent owners must be notified that their property is at risk of escheating and the manner in which escheated property must be delivered to the State Controller. Existing law also requires that business associations holding a financial asset that is potentially subject to escheatment provide notice to the owners of that asset as specified. This bill would establish mechanisms for the management of digital financial assets, as defined, that escheat to the state. The bill would create the Digital Asset Claims Reserve Account and the Digital Asset Reserve Fund for these purposes. The bill would require the Controller to hold an escheated digital financial asset in its native form no earlier than 18 months and no later than 20 months after it is reported to the Controller by the holder of the asset, and, if it is not claimed by the owner within that time, to liquidate the asset and deposit the net proceeds in the Digital Asset Claims Reserve Account. The bill would require the Treasurer to invest moneys in the Digital Asset Claims Reserve Account pursuant to the Treasurer's existing authority to invest surplus money. The bill would require the Controller to transfer all interest, earnings, and investment income credited to the Digital Asset Claims Reserve Account to the Digital Asset Reserve Fund on a quarterly basis. The bill would create the Digital Asset Reserve Board, which would be assigned specified tasks relating to administration of the Digital Asset Reserve Fund, including establishing investment policies to be followed by the Controller when investing moneys in the fund by converting them into high-quality digital assets. The bill would authorize the Controller to take specified actions related to digital financial assets and would require the Controller to publish a quarterly report, as specified. Under the bill, a person who makes a valid claim before the disposition of the digital financial assets is entitled to receive the digital financial assets in their native form or in fiat currency, as specified, or in cash if the digital financial assets were liquidated. The bill would authorize the Controller to use assets within the Digital Asset Reserve Fund to pay for the administration and management of the fund, thereby making an appropriation. (2) Under existing law, a person holding funds or other property escheated to the state must file a report with the Controller and pay or deliver the escheated property to the Controller within a specified time, unless another person establishes their right to the property. Existing law requires any payment to the Controller of at least $2,000 in unclaimed cash to be made by electronic funds transfer. The bill would permit the Controller to direct the holder of a digital financial asset to sell or to otherwise liquidate the digital financial asset and deliver the net proceeds in lieu of the native digital financial asset, as specified. The bill would require a holder of funds or other property escheated to the state that is directed to sell or liquidate the digital financial asset to do so for no less than the prevailing market price of the digital financial asset at the time of sale.
Who sponsors CA AB 2335?
Valencia is the primary sponsor of CA AB 2335.
Description
(1) The Unclaimed Property Law (UPL) prescribes the circumstances under which intangible property, including digital financial assets, escheats to the state, including how and when apparent owners must be notified that their property is at risk of escheating and the manner in which escheated property must be delivered to the State Controller. Existing law also requires that business associations holding a financial asset that is potentially subject to escheatment provide notice to the owners of that asset as specified. This bill would establish mechanisms for the management of digital financial assets, as defined, that escheat to the state. The bill would create the Digital Asset Claims Reserve Account and the Digital Asset Reserve Fund for these purposes. The bill would require the Controller to hold an escheated digital financial asset in its native form no earlier than 18 months and no later than 20 months after it is reported to the Controller by the holder of the asset, and, if it is not claimed by the owner within that time, to liquidate the asset and deposit the net proceeds in the Digital Asset Claims Reserve Account. The bill would require the Treasurer to invest moneys in the Digital Asset Claims Reserve Account pursuant to the Treasurer's existing authority to invest surplus money. The bill would require the Controller to transfer all interest, earnings, and investment income credited to the Digital Asset Claims Reserve Account to the Digital Asset Reserve Fund on a quarterly basis. The bill would create the Digital Asset Reserve Board, which would be assigned specified tasks relating to administration of the Digital Asset Reserve Fund, including establishing investment policies to be followed by the Controller when investing moneys in the fund by converting them into high-quality digital assets. The bill would authorize the Controller to take specified actions related to digital financial assets and would require the Controller to publish a quarterly report, as specified. Under the bill, a person who makes a valid claim before the disposition of the digital financial assets is entitled to receive the digital financial assets in their native form or in fiat currency, as specified, or in cash if the digital financial assets were liquidated. The bill would authorize the Controller to use assets within the Digital Asset Reserve Fund to pay for the administration and management of the fund, thereby making an appropriation. (2) Under existing law, a person holding funds or other property escheated to the state must file a report with the Controller and pay or deliver the escheated property to the Controller within a specified time, unless another person establishes their right to the property. Existing law requires any payment to the Controller of at least $2,000 in unclaimed cash to be made by electronic funds transfer. The bill would permit the Controller to direct the holder of a digital financial asset to sell or to otherwise liquidate the digital financial asset and deliver the net proceeds in lieu of the native digital financial asset, as specified. The bill would require a holder of funds or other property escheated to the state that is directed to sell or liquidate the digital financial asset to do so for no less than the prevailing market price of the digital financial asset at the time of sale.
- Introduced
- 2026-03-25
- Latest action
- 2026-08-13 — In committee: Held under submission.
- Bill type
- bill,appropriation
- Last updated
- —
Subjects
Sponsors
- Valenciaauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-08-13
In committee: Held under submission.
2026-08-03
In committee: Referred to APPR. suspense file.
2026-07-02
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (June 30).
amendment-introduction,amendment-passage,committee-passage,referral-committee
2026-07-02
Read second time and amended. Re-referred to Com. on APPR.
amendment-passage,reading-1,reading-2,referral-committee
2026-06-22
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
amendment-introduction,amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-06-10
Referred to Com. on JUD.
referral-committee
2026-05-28
In Senate. Read first time. To Com. on RLS. for assignment.
reading-1,referral-committee
2026-05-27
Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0.)
passage,reading-1,reading-3
2026-05-27
Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 5482.)
passage,reading-1,reading-3
2026-05-19
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2026-05-18
Read second time and amended. Ordered returned to second reading.
amendment-passage,reading-1,reading-2
2026-05-14
From committee: Amend, and do pass as amended. (Ayes 11. Noes 0.) (May 14).
amendment-introduction,amendment-passage,committee-passage
2026-05-06
In committee: Set, first hearing. Referred to APPR. suspense file.
referral-committee
2026-04-23
Re-referred to Com. on APPR.
referral-committee
2026-04-22
Read second time and amended.
amendment-passage,reading-1,reading-2
2026-04-21
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 20).
amendment-introduction,amendment-passage,committee-passage,referral-committee
2026-04-06
Re-referred to Com. on B. & F.
referral-committee
2026-03-26
Read second time and amended.
amendment-passage,reading-1,reading-2
2026-03-25
From committee: Amend, and do pass as amended and re-refer to Com. on B. & F. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (March 24).
amendment-introduction,amendment-passage,committee-passage,referral-committee
2026-03-09
Referred to Coms. on JUD. and B. & F.
referral-committee
2026-02-20
From printer. May be heard in committee March 22.
2026-02-19
Read first time. To print.
reading-1
Versions
- 02/19/26 - Introduced — 2026-02-19Compare
- 03/26/26 - Amended Assembly — 2026-03-26Compare
- 04/22/26 - Amended Assembly — 2026-04-22Compare
- 05/18/26 - Amended Assembly — 2026-05-18Compare
- 06/22/26 - Amended Senate — 2026-06-22Compare
- 07/02/26 - Amended Senate — 2026-07-02Compare
- AB2335Compare
- (document, no version)Compare
Documents
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Votes
Do pass as amended, and be re-referred to the Committee on [Banking and Finance] with recommendation: To Consent Calendar
2026-03-24 · pass · 12-0
Member-level votes (12)
- Zbur: yes
- Stefani: yes
- Pacheco: yes
- Dixon: yes
- Kalra: yes
- Papan: yes
- Harabedian: yes
- Macedo: yes
- Connolly: yes
- Bauer-Kahan: yes
- Bryan: yes
- Sanchez: yes
Do pass as amended and be re-referred to the Committee on [Appropriations]
2026-04-20 · pass · 9-0
Member-level votes (9)
- Blanca Rubio: yes
- Valencia: yes
- Dixon: yes
- Soria: yes
- Chen: yes
- Fong: yes
- Krell: yes
- Schiavo: yes
- Michelle Rodriguez: yes
Do pass as amended.
2026-05-14 · pass · 11-0
Member-level votes (15)
- Krell: yes
- Sharp-Collins: yes
- Wicks: yes
- Pacheco: yes
- Caloza: yes
- Fong: yes
- Calderon: yes
- Solache: yes
- Pellerin: yes
- Aguiar-Curry: yes
- Mark González: yes
- Tangipa: other
- Ta: other
- Dixon: other
- Hoover: other
AB 2335 Valencia Assembly Third Reading
2026-05-28 · pass · 78-0
Member-level votes (80)
- Davies: yes
- Schiavo: yes
- Aguiar-Curry: yes
- Patterson: yes
- Ramos: yes
- Addis: yes
- Elhawary: yes
- Lee: yes
- Bonta: yes
- Gabriel: yes
- Caloza: yes
- Blanca Rubio: yes
- Sanchez: yes
- Patel: yes
- Mark González: yes
- Solache: yes
- Gallagher: yes
- Stefani: yes
- Ávila Farías: yes
- Papan: yes
- Fong: yes
- Sharp-Collins: yes
- Bains: yes
- Chen: yes
- Soria: yes
- Harabedian: yes
- Tangipa: yes
- Wicks: yes
- Hoover: yes
- Bauer-Kahan: yes
- Lackey: yes
- Lowenthal: yes
- Dixon: yes
- Wallis: yes
- Ortega: yes
- Schultz: yes
- Pacheco: yes
- Muratsuchi: yes
- Bennett: yes
- Rivas: yes
- Michelle Rodriguez: yes
- Calderon: yes
- Hart: yes
- Ward: yes
- McKinnor: yes
- Zbur: yes
- Petrie-Norris: yes
- Carrillo: yes
- Valencia: yes
- Wilson: yes
- Bryan: yes
- Hadwick: yes
- Alanis: yes
- Gipson: yes
- Nguyen: yes
- DeMaio: yes
- Castillo: yes
- Garcia: yes
- Kalra: yes
- Ransom: yes
- Macedo: yes
- Connolly: yes
- Ta: yes
- Johnson: yes
- Boerner: yes
- Alvarez: yes
- Flora: yes
- Jeff Gonzalez: yes
- Jackson: yes
- Ellis: yes
- Pellerin: yes
- Berman: yes
- Ahrens: yes
- Haney: yes
- Arambula: yes
- Quirk-Silva: yes
- Krell: yes
- Irwin: yes
- Celeste Rodriguez: other
- Rogers: other
Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]
2026-06-30 · pass · 12-0
Member-level votes (13)
- Wahab: yes
- Umberg: yes
- Laird: yes
- Stern: yes
- Ashby: yes
- Allen: yes
- Valladares: yes
- Weber Pierson: yes
- Wiener: yes
- Caballero: yes
- Reyes: yes
- Durazo: yes
- Niello: other
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_api_sync, retrieved 2026-10-18T02:05:34.377132Z
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