Press Release

Hertzberg Bills on Cannabis Banking and Blockchain Clear Assembly Banking Committee

SB 930 and SB 838 continue their way through the California Legislature with first Assembly committee hearing

June 18, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today announced that two of his bills, one of which would make banking more accessible, and the other would allow corporate share certificates to be issued or transferred on the blockchain, cleared the Assembly Banking Committee.

SB 930, Hertzberg’s bill to establish the framework for the cannabis businesses to legally bank with state licensed financial institutions, is co-sponsored by Board of Equalization Member Fiona Ma and supported by dozens of industry groups, cities and counties, labor and business groups. Recently, the Trump Administration has indicated openness to state-led legalization of cannabis. While this news is promising, Hertzberg and Ma reiterated the importance of this first step in a Los Angeles Daily News op-ed heralding the bill this weekend.

Upon passage of the bill, Sen. Hertzberg commented, “This bill continues to enjoy bipartisan support because it is a huge step in the right direction to address the public safety challenges associated with a multi-billion dollar industry operating all in cash.”

You can read the committee analysis here. SB 930 will next be heard in the Assembly Committee on Business and Professions on Tuesday, June 26.

SB 838 would enable California corporations to issue and transfer corporate share certificates via the blockchain – a method widely considered to be a vastly more secure way of doing business. The bill has received widespread acclaim from the blockchain and cryptocurrency industries. “Government can’t continue to be a dinosaur on this stuff. We must be responsive and create laws that embrace progress.”

You can read the committee analysis here. SB 838 next heads to the Assembly Floor.

Media Contact: Katie Hanzlik
Katie.Hanzlik@sen.ca.gov
Press Secretary
Senator Robert M. Hertzberg
Capitol Building, Room 4038
(916) 651-4018

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