Senate Banking and Financial Institutions Committee
Key Moments
Spencer Winkle — Welcomed as the Republican Policy Consultant to the committee.
Tim Grayson — Tim Grayson is mentioned during the opening proceedings: he is called during roll call and recorded as present, then votes aye on the consent calendar, and is later addressed as Chairman Grayson.
Tim Grayson — Responded to the Vice Chair and acknowledged his support before giving an answer.
Tim Grayson — Explained that the bill is narrowly focused because scams are happening now and the issue is a moving target.
Tim Grayson — Said the bill gives consumers one more step of protection and was intentionally narrowly focused.
Tim Grayson — Committed to returning with a better approach if needed and thanked the author.
Tim Grayson — Said he supports moving the bill forward and expects continued collaboration with industry and consumer advocates.
Tim Grayson — Voted aye on SB 505.
Tim Grayson — Announced five votes and reopened the consent calendar roll call.
Roger Niello — Roger Niello is recorded as present during roll call and then votes aye on the consent calendar.
Roger Niello — Vice Chair Roger Niello comments on the bill with some hesitation about legislating technical detail, but says the prevalence of online scams and organized fraud makes the bill worthwhile and that he can support it. He cautions that technology changes quickly, dual authentication is not perfect, phishing can still succeed, and future innovations could make the bill’s approach obsolete. He therefore wants the committee to remain flexible and not be locked into one method, but ultimately states he will support the bill and later votes aye.
Sabrina Cervantes — Sabrina Cervantes was called during roll call and again during the roll call vote.
Sabrina Cervantes — Sabrina Cervantes was recorded as voting aye/yes on the measure and consent calendar.
Melissa Hurtado — Melissa Hurtado was called during roll call; the transcript does not clearly indicate whether she answered in this segment.
Melissa Hurtado — Melissa Hurtado was called during the roll call/consent calendar vote, but the excerpt does not record a vote from her.
Laura Richardson — Laura Richardson is present for roll call, votes aye on the consent calendar, and is then recognized as the author of SB 505. She begins her presentation of the bill, explains that it has been developed collaboratively and kept narrowly focused, and later concludes by asking for an 'I vote.'
Laura Richardson — Senator Richardson is referenced in connection with SB 505 receiving five votes.
Tony Strickland — Tony Strickland was present for roll call, made the motion on the consent calendar, and later voted aye on the consent calendar.
Tony Strickland — Tony Strickland made the motion to do pass and re-refer SB 505 to the Committee on Appropriations, and then voted aye on the bill.
SB546 — Placed on the consent calendar.
SB700 — Placed on the consent calendar.
SB505 — SB 505 is presented as a narrowly tailored consumer protection bill aimed at strengthening security for Californians using digital wallets and money transmission services. The author explains that the bill requires digital wallet providers and money transmitters to use two-factor or multi-factor authentication at login, clarifies the authentication requirements for consistency, and is intended to prevent unauthorized access and account takeovers before financial harm occurs. The bill does not regulate transactions, fees, or data collection, only login authentication, and includes a delayed operative date of January 1, 2028. The author also notes ongoing collaboration with stakeholders, including possible amendments to clarify the definition of digital wallet while preserving the bill’s consumer protection goals, and closes by describing SB 505 as a proactive safeguard and noting there is no registered opposition.
SB505 — The committee takes up SB 505, and Senator Strickland moves do pass and re-refer the bill to Appropriations. A few minutes later, the chair announces that SB 505 has received five votes and is reported out.
Renee Bayardo — Identified as the author of the support letter and representing Rise Economy in support of SB 505.
Jamie Miner — Speaks on behalf of the California Blockchain Advocacy Coalition and expresses conditional support/engagement.
Molly Corcoran — Speaks on behalf of Andreessen Horowitz and aligns comments with Seaback.
Jose Torres — Speaks on behalf of TechNet and notes appreciation for the senator's work.
TechNet / Tweener representative — Said the organization had opposed the original language but is re-evaluating its position after the new amendments.
Eloise Reyes — During the closing portion of the bill hearing, the chair indicates the bill has an IRECO and asks Senator Richardson to close. This is followed by roll call/vote references, including a likely transcription error listing Richardson as voting aye and additional names appearing in the vote record.
SB505 — Roll call vote taken on SB 505; five votes recorded and roll kept open for absent member.