Committee Summary for Commission to Study Stable Tokens (01/14/2026)

Bill/Time	Type	Title	Sponsor
Unclear 00:09:48.800 - 9:05:10 AM	General Working Session	Unclear

Unclear: Representative Ammon (Chair) Information Only00:09:48.800 - 9:05:10 AM; The chair calls the meeting of the Commission to Study Stable Tokens, Real World Asset Tokenization, and Blockchain Based Trust to order at 10:05. Confirms audio for online participants and notes the agenda is available online at nhtokencommission.org. Announces a change: Bitcoin presentation postponed due to their IPO quiet period until March, replaced by Sarascoin, an SEC registered stable token, present online. Confirms quorum of seven members. No changes to agenda, approved without objection. Moves to approve December 12th meeting minutes, AI-generated with spelling corrections.
Unclear: Commission Members (Jim, others) Information Only00:11:03.360 - 9:06:25 AM; Commission members respond to quorum check, confirming seven present including Chris Meier, Andy Schwab, and Katie. Jim moves to approve December minutes, seconded, and approved unanimously with no opposition.
Unclear: Melinda Delos, Anchorage Digital Information Only00:12:06.160 - 9:07:28 AM; Introduces herself from Anchorage Digital, came from New York. Prepares for presentation on stable tokens, emphasizing their central role in Anchorage's work and potential benefits for New Hampshire and the country. States goal is to serve as a resource on opportunities and guardrails, not advocate specific outcomes. Outlines presentation: team intro, Anchorage overview, post-Genius Act momentum, banking changes, New Hampshire opportunities, and responsible innovation. Introduces team including colleagues on line: Kevin Wasaki (head of policy), Joe Medioli (financial institutions). Notes stable tokens as transformative financial infrastructure. Handles technical issues with slides and sound check, recaps introduction for the record.
Unclear: Melinda Delos, Anchorage Digital Information Only00:12:06.160 - 9:07:28 AM; Melinda Delos introduces herself as the lead of institutional partnerships and strategy at Anchorage Digital, focusing on qualified custody business and engaging with clients in emerging segments new to the digital asset industry. She has been at Anchorage for just under a year and in crypto for over five years, experiencing both centralized and decentralized, tech-heavy sides of the industry. Prior to crypto, she spent 13 years at Morgan Stanley, mostly in derivatives roles with a structuring background that influences her views on customizing products for clients in the digital asset space. She also worked in strategy and analytics for the firm.
Unclear: Melinda Delos, Anchorage Digital Information Only00:22:30.559 - 9:17:52 AM; Melinda introduces the Anchorage Digital team, discusses their background in institutional equity and focus on hedge funds, asset managers, pensions, and endowments. She highlights their work in the more institutional side of digital assets.
Unclear: Joe Mioli, Anchorage Digital Information Only00:23:35.760 - 9:18:57 AM; Joe introduces himself as head of the financial institutions group at Anchorage, focusing on solutions for traditional institutions entering digital assets. He shares his experience in crypto for 7-8 years and prior work in regulatory advisory. He discusses supporting institutional adoption and hands off to Kevin.
Unclear: Kevin Wasaki, Anchorage Digital Information Only00:24:33.440 - 9:19:55 AM; Kevin introduces himself as head of policy at Anchorage with 3.5 years there and prior Capitol Hill experience in financial services. He mentions work on the Genius Act, market structure, and state-level bills on crypto reserves.
Unclear: Melinda Delos (introducing Tom), Anchorage Digital Information Only00:25:31.360 - 9:20:53 AM; Melinda introduces Tom, head of government solutions, who is absent due to a family emergency. She describes his intelligence background and role in partnering with states and federal agencies. She emphasizes Anchorage's interdisciplinary approach to government solutions.
Unclear: Joe Mioli, Anchorage Digital Information Only00:26:29.200 - 9:21:51 AM; Joe provides background on Anchorage Digital, founded in 2017 as a state trust bank in South Dakota, now a federal national trust bank since 2021. He explains their global digital assets platform offering custodial, trading, settlement, and staking services. He discusses their security-first approach to remove trade-offs between security and utility for institutional clients.
Unclear: Melinda Delos, Anchorage Digital Information Only00:29:35.120 - 9:24:57 AM; Melinda discusses momentum from the Genius Act for stablecoin business, highlighting partnerships with Athena, Tether (launching USAT), and Western Union (launching USDP on Solana). She notes Western Union's 175-year history and sees it as validation for programmable, real-time payments. She emphasizes combining technology with distribution networks like banks for enhanced services.
Unclear: Melinda Delos, Anchorage Digital Information Only00:34:20.960 - 9:29:42 AM; Melinda covers government activity in digital assets, praising New Hampshire's reserve legislation and Bitcoin-backed bonds. She mentions states authorizing digital assets for tax collection (e.g., Louisiana, Pennsylvania) and the Marshall Islands' use of tokenized sovereign bonds (USDM1) for efficient citizen payments, drawing parallels to rural community servicing.
Unclear: Joe Mioli, Anchorage Digital Information Only00:40:05.040 - 9:35:27 AM; Joe discusses banking innovations in digital assets, focusing on remittances, instant payments, programmable transactions, collateralized lending, and wealth management. He explains benefits like reduced FX risk, interbank settlement, credit access using Bitcoin as collateral, and responsible exposure to digital assets in portfolios.
Unclear: Joe Mioli, Anchorage Digital Information Only00:48:09.680 - 9:43:31 AM; Joe shares how state-level innovation (e.g., South Dakota, Wyoming) enabled Anchorage's growth. He advocates for supportive supervisory frameworks for financial institutions to drive capital efficiency, client-dependent use cases, and long-term opportunities like tokenized property records.
Unclear: Joe Mioli, Anchorage Digital Information Only00:52:14.559 - 9:47:36 AM; Joe emphasizes responsible innovation through regulatory frameworks for state-registered banks as custodians, embedding compliance in service design (e.g., security, transparency, auditability), and integrated technology controls for consumer protection, fraud, and AML.
Unclear: Jim Kish (questioner) Information Only00:58:08.880 - 9:53:30 AM; Jim asks about trends in stablecoins being held in wallets for basic needs instead of immediate conversion, observed in a Texas banker's remittance business, and its implications for banking system participation.
Unclear: Joe Mioli, Anchorage Digital Information Only00:59:14.400 - 9:54:36 AM; Joe responds that this trend supports exporting US dollar hegemony, with stablecoins used for local payments to avoid FX fees, broadening access to US Treasuries.
Unclear: Kevin Wasaki, Anchorage Digital Information Only01:01:21.440 - 9:56:43 AM; Kevin explains the Genius Act envisions payment stablecoins for global and domestic use, backed 1:1 for trust. He shares an example of a friend in Cameroon using stablecoins due to underdeveloped banking, highlighting benefits of dollar stability.
Unclear: Unidentified speaker (possibly Jim) Information Only01:03:15.200 - 9:58:37 AM; The speaker notes similarities to money transmitters like Venmo where users hold dollars, seeing stablecoins as the next iteration.
Unclear: Joe Mioli, Anchorage Digital Information Only01:04:12.880 - 9:59:34 AM; Joe discusses programmability allowing automatic conversion of stablecoin deposits to FDIC-insured tokenized deposits for optimal protection.
Unclear: Unidentified questioner Information Only01:06:21.039 - 10:01:43 AM; The questioner asks about fungibility of tokens, specifically a USA version of Tether (USAT) versus global USDT, and if there would be versions for other countries like North Korea.
Unclear: Kevin Wasaki, Anchorage Digital Information Only01:07:23.440 - 10:02:45 AM; Kevin explains Genius sets high US standards for issuance, incentivizing onshore compliance. USAT will be Genius-compliant with strict 1:1 cash equivalents backing, differing from USDT's reserves, and includes national security measures.
Unclear: Unidentified questioner Information Only01:08:24.880 - 10:03:46 AM; The questioner asks if USAT and USDT are swappable/fungible.
Unclear: Joe Mioli / Kevin Wasaki, Anchorage Digital Information Only01:09:27.759 - 10:04:49 AM; They confirm USAT and USDT are tradable 1:1 for practical purposes but not exactly swappable due to peg differences.
Unclear: Unidentified questioner Information Only01:10:24.640 - 10:05:46 AM; The questioner asks about features of a state that encourage issuers to select it under Genius, versus national path.
Unclear: Melinda Delos, Anchorage Digital Information Only01:11:22.800 - 10:06:44 AM; Melinda suggests states should focus on utility, like allowing tax payments in stablecoins, and enable responsible experimentation within caps.
Unclear: Joe Mioli, Anchorage Digital Information Only01:12:27.920 - 10:07:49 AM; Joe explains state vs. federal paths depend on client needs, like clarity for SEC firms or bankruptcy protections. For stablecoins, states can incentivize local use, creativity within $10B cap.
Unclear: Unidentified speaker Information Only01:14:31.520 - 10:09:53 AM; The speaker notes Wyoming's approach directs benefits to public goods like schools, potentially bypassing caps as a sovereign.
Unclear: Unidentified questioner Information Only01:15:35.199 - 10:10:57 AM; The questioner asks if detailed state rules provide an advantage for issuers.
Unclear: Melinda Delos, Anchorage Digital Information Only01:16:38.800 - 10:12:00 AM; Melinda agrees, citing pent-up demand post-Genius Act; clarity reduces risk for large institutions, attracting first-movers like New Hampshire.
Unclear: Charlie Shull, Series Coin Information Only01:19:32.480 - 10:14:54 AM; Charlie introduces himself as co-founder and CIO of Series Coin, with military background. He describes their SEC-registered securities-based yield-bearing stablecoin for government financial and benefit programs, emphasizing compliance, security, and efficiency.
Unclear: Charlie Shull, Series Coin Information Only01:21:22.480 - 10:16:44 AM; Charlie shares engagements with 20+ states since April 2025, including a letter of intent in Mississippi for 529, SNAP, ABLE, and FEMA programs. He discusses state-specific needs and collaborations like Wyoming's Frontier Token.
Unclear: Charlie Shull, Series Coin Information Only01:24:44.239 - 10:20:06 AM; Charlie differentiates their stablecoin as excluded from Genius Act's payment definition because it's a 40 Act security regulated by SEC, designed for treasury, cash management, and public sector stewardship, not just payments.
Unclear: Charlie Shull, Series Coin Information Only01:27:10.080 - 10:22:32 AM; Charlie explains their security-backed yield-bearing stablecoin uses regulated money market funds (Rule 2a-7 compliant), tokenizing short-term capital markets for programmable digital transfers. Yield goes to holders, unlike payment stablecoins.
Unclear: Charlie Shull, Series Coin Information Only01:29:10.159 - 10:24:32 AM; Charlie clarifies it's both a tokenized money market fund and stablecoin, enabling yield-earning while holding and instantaneous P2P transfers with real-time auditability for states.
Unclear: Charlie Shull, Series Coin Information Only01:31:10.480 - 10:26:32 AM; Charlie details SEC approval process, taking over 2 years, including GAAP accounting. They act as transfer agent for a US government money market fund on blockchain, ensuring $1 NAV and principal protection under Rule 2a-7.
Unclear: Charlie Shull, Series Coin Information Only01:33:12.880 - 10:28:34 AM; Charlie notes it's not a bank deposit or cryptocurrency but a share in a money market fund on a curated blockchain (migrating to Solana). It extends treasury systems for tracking, e.g., seed-to-sale in cannabis.
Unclear: Charlie Shull, Series Coin Information Only01:35:15.440 - 10:30:37 AM; Charlie describes applications for ABLE, SNAP, SunBucks programs with real-time tracking, reducing waste/fraud/abuse while earning yield for states.
Unclear: Charlie Shull, Series Coin Information Only01:36:28.800 - 10:31:50 AM; Charlie explains their patented platform tokenizes M360 Onchain US Government Money Market Fund shares, serving as plumbing for state-specific coins.
Unclear: Unidentified questioner Information Only01:37:45.920 - 10:33:07 AM; The questioner asks why an issuer would choose a state pathway under Genius and what state features make it appealing.
Unclear: Charlie Shull, Series Coin Information Only01:38:56.480 - 10:34:18 AM; Charlie explains they went federal via SEC, so states choose them. Their tool addresses state-specific pain points like real-time auditing for grants (e.g., Kansas 529 program) or SunBucks, whitelisting transactions to eliminate audit time.
Unclear: Unidentified questioner Information Only01:43:22.880 - 10:38:44 AM; The questioner asks if their rails are an open permissionless blockchain.
Unclear: Charlie Shull, Series Coin Information Only01:44:34.960 - 10:39:56 AM; Charlie confirms currently on Hyperledger Fabric (permissioned) for KYC/AML, migrating to Solana in Q1 2026.
Unclear: Unidentified questioner (Chair Ammon) Information Only01:45:44.960 - 10:41:06 AM; The questioner suggests tokenizing state federal funds to issue downstream tokens and capture perpetual yield.
Unclear: Charlie Shull, Series Coin Information Only01:46:53.280 - 10:42:15 AM; Charlie agrees, proposing to run programs like SNAP: federal funds to state earn yield, issue derivative non-yielding tokens for beneficiaries with full tracking, reducing admin costs.
Unclear: Jim (questioner) Information Only01:48:02.719 - 10:43:24 AM; Jim asks how they manage liquidity risk for large redemptions.
Unclear: Charlie Shill, Series Coin Information Only01:49:12.719 - 10:44:34 AM; Charlie explains mitigation via Rule 2a-7 compliance with highly liquid US government securities, ensuring redemption capacity even if all coins are redeemed instantly. It's like a stablecoin version of the PDIP pool.
Unclear: Unidentified questioner Information Only01:50:13.360 - 10:45:35 AM; The questioner asks about controls for collateral and external auditing.
Unclear: Charlie Shull, Series Coin Information Only01:51:31.199 - 10:46:53 AM; Charlie confirms annual/semi-annual audited reports by Tate & Weller; custodian is Huntington National Bank. They have PCAOB audit under Reg D for operations.
Unclear: Commission Members (reflections) Information Only01:52:39.280 - 10:48:01 AM; Members reflect on environmental factors (proof-of-stake low energy), state capacity for infrastructure, integrating with existing systems like PDIP, program pilots, risks of federal securities capture, and urgency to avoid being left behind in innovation.
Unclear: Karen, resident of Kensington Information Only02:00:17.360 - 10:55:39 AM; Karen introduces herself as a Kensington resident and farm owner with a background in finance, focusing on institutional investing, foreign exchange, and derivatives. She expresses strong interest in blockchain technology, acknowledging clear benefits but emphasizing the need to consider risks. Drawing from her contrarian market experience, she hopes to explore risk scenarios and develop regulatory frameworks to minimize them, including public education on utilizing these tools. She praises the commission's organization and website, and is glad to participate.
Unclear: Woody Canada Information Only02:02:17.119 - 10:57:39 AM; Woody Canada shares his background in consulting for financial institutions using market research, studying fixed income bond dealers, and his retirement interest in monetary history. He teaches courses on technological impacts at adult learning programs in Keene and Dartmouth. He raises concerns about protecting community banks and local merchants amid massive technological changes, focusing on unpredictable side issues. He asks about community banks using stablecoins for loans to ring-fence payments to local contractors, potentially offering preferable rates. He discusses stablecoins as deposits, their lendability, tokenized deposits, and historical crypto lending issues, seeking clarifications on regulations and programmability via smart contracts.
Unclear: Commission Chair (unnamed) Information Only02:07:26.159 - 11:02:48 AM; The chair thanks speakers, facilitates discussion on stablecoins, deposits, and risks. They note concerns about deposits moving to wallets, substituting for demand deposits, and motivations for keeping funds in stablecoins, especially overseas. They highlight data on a billion dollars leaving New Hampshire in crypto in one quarter, potential acceleration with easier use, and ideas like community banks issuing collective stablecoins or using programmability for controls. They emphasize education, institutional safeguards like bankruptcy remote status, B2B best practices, and consumer protections. They wrap up by identifying future study areas like algorithmic stable tokens and adjourn the meeting, planning to survey for next dates at the banking department.