Committee Summary for Commission to Study Stable Tokens (03/10/2026)

Bill/Time	Type	Title	Sponsor
Unclear 00:00:00.000 -	General Working Session	Unclear
Unclear 00:56:02.858 -	General Working Session	Unclear

Unclear: Keith Abbott, Chair, State Representative from Hillsborough District 42 Information Only00:00:00.000 -; Calls the meeting to order at 10:05 a.m., introduces himself, and facilitates introductions of commission members.
Unclear: Mike Morant, Deputy Commissioner of the Banking Department Information Only00:00:00.000 -; Introduces himself as the Banking Commissioner's designee.
Unclear: Jim Kish, President and CEO of Savings Bank of Walpole Information Only00:00:00.000 -; Introduces himself as representing banking on the commission.
Unclear: Jim Cofield, State Rep. James Kofalt, designated from the New Hampshire State Treasury Information Only00:00:00.000 -; Introduces himself as the designee from the State Treasury.
Unclear: Brandon Grodd, Senior Assistant Attorney General Information Only00:00:00.000 -; Introduces himself as the Attorney General's designee on the committee.
Unclear: Katie Taylor, Staff Attorney at the New Hampshire Bureau of Securities Regulation Information Only00:00:00.000 -; Introduces herself as the Secretary of State's designee.
Unclear: Seth Hornberg, Law Professor at UNH Franklin Pierce School of Law Information Only00:00:00.000 -; Introduces himself as the academic appointee.
Unclear: Andrew Schwab, Blockchain Industry Representative Information Only00:00:00.000 -; Introduces himself with experience in blockchain and prior participation on the Cryptocurrency Digital Assets Commission.
Unclear: Dan Nunes-Gowan, Head of Policy at Crypto.com Information Only00:00:00.000 -; Introduces himself as the industry representative for the commission.
Unclear: Keith Abbott, Chair Information Only00:00:00.000 -; Approves the agenda with no changes, approves minutes from February 10th with a correction regarding a statement attributed to Mike Morant, and introduces the first presentation by Yevgeny Shrego from CSBS.
Unclear: Mike Morant Information Only00:00:00.000 -; Requests a correction to the minutes, noting that a statement about 14 years of experience is not his.
Unclear: Yevgeny Shrego, Senior Director of Regulatory Policy at CSBS Information Only00:00:00.000 -; Presents on the OCC's notice of proposed rulemaking implementing the Genius Act, covering permissible activities for stablecoin issuers, reserve assets and redemption requirements, risk management, yield prohibitions, FDIC and NCUA applications, state activities, and emerging state frameworks. Discusses design choices, timelines, and implications for states like New Hampshire. Notes Sabrina Bergen's absence due to scheduling.
Unclear: Yevgeny Shrego Information Only00:15:00.000 -; Continues presentation on digital asset service provider activities, yield prohibitions and their implications for third-party relationships, reserve asset valuation and diversification, redemption rules, capital requirements, and foreign issuer rules. Highlights variations between federal agencies and state options.
Unclear: Yevgeny Shrego Information Only00:30:00.000 -; Discusses FDIC and NCUA application processes, differences in timelines and criteria, state framework options including virtual currency licenses, special purpose depositories, state-level Genius Acts, and regulator delegation. Mentions pending state legislation and stablecoin consortia initiatives.
Unclear: Seth Hornberg Information Only00:45:00.000 -; Asks about dependency of OCC, FDIC, and Treasury rules on the passage of clarity legislation, and the treatment of programmability and smart contracts in the rules.
Unclear: Yevgeny Shrego Information Only00:45:00.000 -; Responds that rules proceed independently of clarity except for yield issues; affirms tech neutrality on smart contracts, emphasizing third-party oversight and risk management without specific blockchain requirements.
Unclear: Andrew Schwab Information Only00:45:00.000 -; Asks how New Hampshire can innovate within federal requirements and about Wyoming's model latitude as a state issuer.
Unclear: Yevgeny Shrego Information Only00:45:00.000 -; Suggests innovation in areas like yield, reserves, and services fitting local needs; notes Wyoming's potential latitude but questions on listing non-permitted stablecoins; emphasizes federal flexibility for state design choices.
Unclear: Unnamed Commission Member Information Only00:45:00.000 -; Asks about safety and soundness requirements for blockchains chosen to host stablecoins.
Unclear: Yevgeny Shrego Information Only00:45:00.000 -; States agencies are blockchain-agnostic but expect issuers to describe blockchains in risk management plans.
Unclear: Unnamed Commission Member Information Only00:45:00.000 -; Questions the justification for the $10 billion threshold and implications if a state like Wyoming exceeds it without complying.
Unclear: Yevgeny Shrego Information Only00:45:00.000 -; Explains the threshold lacks specific logic beyond existing benchmarks; notes states retain authority but may face shared oversight or challenges; Wyoming may have presumption due to prior framework.
Unclear: Keith Abbott, Chair Information Only00:45:00.000 -; Thanks Yevgeny Shrego for the presentation and mentions sharing a new analysis document.
Unclear: Eugene, VP of Product at BitGo Information Only00:56:02.858 -; Eugene introduced himself and BitGo's background, starting as a wallet company in 2013, evolving into an OCC-chartered trust bank providing custody for over $100 billion in digital assets, with global regulated entities and recent NYSE listing. He described BitGo's services including custody, trading, lending, and infrastructure as a service like stablecoins as a service (e.g., partnering with World Liberty Financial for USD1 and SoFi for SoFi USD). He explained stablecoin types, focusing on fiat-backed under the Genius Act, how pegs are maintained via primary (issuer redemption) and secondary (market arbitrage) markets, and stress event responses where liquidity and timely redemptions are crucial. He contrasted with algorithmic stablecoins, noting higher risks due to variable mechanisms without direct asset backing, referencing past failures like TerraUSD. Eugene suggested considerations for the commission: transparency in reserves, clear asset classification, consumer disclosures on risks and lack of insurance, growth alongside tokenized real-world assets (RWAs), partnering with qualified custodians, and supporting non-crypto native banks to issue stablecoins for broader adoption. In Q&A, he clarified tokenized deposits as bank-internal tools, not freely transferable like payment stablecoins, but potentially intersecting if used as reserves. He discussed AI agents needing immutable (non-reversible) transactions for reliability, predicting wider mint/burn access over time, and addressed network effects for state-chartered stablecoins via clearinghouses or correspondent banking rather than centralization.
Unclear: Jim Information Only01:26:02.858 -; Jim asked about tokenized deposits' role in the ecosystem, noting their potential for lending like demand deposits, and sought clarification on distinctions from stablecoins, emphasizing banks' ability to lend 90% of deposits while holding 10% reserves as a key economic benefit.
Unclear: Professor Rosenberg Information Only01:41:02.858 -; Professor Rosenberg inquired about AI agents' need for deterministic (immutable, non-reversible) programmable payments versus probabilistic ones in traditional systems, asking if New Hampshire could enable direct issuer access for stablecoins to support AI, and raised risks like contagion from coordinated AI actions causing flash crashes.
Unclear: Unnamed Commission Member Information Only01:41:02.858 -; The member questioned network effects for state-chartered stablecoins under the $10 billion threshold, asking how they would bridge liquidity silos, attract users, and overcome regulatory barriers to adoption compared to dominant networks.
Unclear: Woody, Member of the Public Information Only01:56:02.858 -; Woody introduced himself as a member of the public interested in the topic for educational purposes, as he develops courses at AIL and OSHA.
Unclear: Keith Abbott, Chair Information Only01:56:02.858 -; Keith facilitated reflections, shared feedback incorporation, suggested exploring consumer protection like naming stablecoins by function, noted a Federal Reserve paper on risks, identified areas for research including algorithmic stablecoins (covered), scheduled future meetings (SoFi and Chainlink in April, another in May 4th), and closed the meeting at 12:07.
Unclear: Seth Information Only01:56:02.858 -; Seth mentioned a scrivener's error in statutes (limited liability company instead of limited partnership) and offered to email the exact details.