Senate Banking and Financial Institutions Committee
Key Moments
Sabrina Cervantes — Sabrina Cervantes is recorded voting aye/yes on the measures under consideration, including SB 505 and the consent calendar.
Melissa Hurtado — Melissa Hurtado is called during roll call; the transcript is unclear whether she answered at the first mention, and she is called again shortly afterward as the roll call continues.
Melissa Hurtado — Melissa Hurtado is listed during the roll call/consent calendar vote, but her specific vote is not clearly captured in these fragments.
Laura Richardson — Present during roll call.
Laura Richardson — Voted yes/aye on the consent calendar.
Laura Richardson — Voted aye on the consent calendar and is invited to present SB 505.
Laura Richardson — Acknowledged as the author/presenter of SB 505 and begins remarks.
Laura Richardson — Likely the senator referenced as having worked on the bill; the transcript says 'her office,' which aligns with Senator Richardson.
Tony Strickland — Tony Strickland was present during roll call, made a motion on the consent calendar, and then voted aye on that same consent calendar item.
Tony Strickland — Tony Strickland made the motion on SB 505 and was later recorded as voting aye on the bill.
SB546 — Placed on the consent calendar.
SB700 — Placed on the consent calendar.
SB505 — SB 505 is introduced and presented by Senator Richardson as a narrowly focused consumer protection bill aimed at strengthening security for Californians using digital wallets and money transmission services. The bill requires digital wallet providers and money transmitters to use two-factor or multi-factor authentication at login, clarifies the authentication requirements, and is described as limited to login security rather than regulating transactions, fees, or data collection. The author emphasizes that the bill helps prevent unauthorized access and account takeovers, notes a delayed operative date of January 1, 2028, and expresses openness to clarifying amendments while maintaining the bill’s consumer protection goals. No opposition is registered, support is acknowledged, a motion is made for due pass and re-refer to Appropriations, the roll call vote is taken, and SB 505 ultimately receives five votes and is announced out of committee.
Renee Bayardo — Identified as the author of the support letter and representing Rise Economy in support of the bill.
Jamie Miner — Speaks on behalf of the California Blockchain Advocacy Coalition and expresses support with some definitional concerns.
Molly Corcoran — Speaks on behalf of Andreessen Horowitz and supports the bill while referencing alignment with Seaback.
Jose Torres — Speaks on behalf of TechNet and describes himself as a 'tweener' while appreciating the senator's work.
Jose Torres, TechNet — Testified as a tweener and said TechNet had opposed the original language but is re-evaluating its position after the new amendments.
Eloise Reyes — Senator Richardson is asked to close on SB 505; the transcript likely refers to Senator Laura Richardson.
Eloise Reyes — Listed in the roll call; vote not clearly captured in this fragment.
Eloise Reyes — Listed in the consent calendar roll call; vote not clearly captured in this fragment.
Eloise Reyes — Senator Richardson is referenced in connection with SB 505 receiving five votes.
Roger Niello — Identified as Vice Chair and prepared to ask a question/comment.
Roger Niello — Raised a concern about government dictating technical detail, while acknowledging the prevalence of online scams and abuse.
Roger Niello — The speaker references the Vice Chair's concern and says he will support the bill.
Roger Niello — Recorded as voting aye on SB 505.
Sabrina Cervantes — Sabrina Cervantes is called during roll call.
Tim Grayson — Tim Grayson is called during quorum and roll call, confirms his presence, votes aye on the consent calendar, and is later addressed as Chairman Grayson by a colleague.
Tim Grayson — Tim Grayson is recorded voting aye during roll call, first on SB 505 and then as chair voting aye on the consent calendar while keeping the roll call open.
Roger Niello — During roll call, Senator Roger Niello was present and then recorded an aye vote on the consent calendar.