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Senate committee advances SB 505 to require two‑factor login authentication for digital wallets
Summary
The Senate Committee on Banking and Financial Institutions voted 5‑0 to pass SB 505, a narrowly focused consumer‑protection bill by Senator Richardson that would require two‑factor or multi‑factor authentication at the login stage for digital wallet providers and money transmitters in California; the bill was referred to Appropriations with an operative date of Jan. 1, 2028.
The Senate Committee on Banking and Financial Institutions on Friday voted 5‑0 to advance Senate Bill 505, a measure from Senator Richardson that would require digital wallet providers and money transmitters operating in California to implement two‑factor or multi‑factor authentication at the user login stage. The committee sent the bill to the Senate Appropriations Committee.
Senator Richardson presented the bill as a narrowly focused consumer‑protection step, saying, “SB 505 is a straightforward consumer protection measure that strengthens the security for Californians who use digital wallets and money transmission services.” He told the…
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