Committee Summary for Commission to Study Stable Tokens (12/10/2025)

Bill/Time	Type	Title	Sponsor
Unclear 00:06:36.160 - 9:05:22 AM	General Working Session	Unclear

Unclear: Rep. Rob Ammon, Chair Information Only00:06:36.160 - 9:05:22 AM; Called the commission to order, confirmed quorum, approved the agenda focusing on presentations from Fortress and Hideera, approved November minutes, and introduced the presentations on stable tokens and blockchain for New Hampshire benefits.
Unclear: Noah Herman, Chief Strategy Officer, Fortress Global Information Only00:11:53.519 - 9:10:39 AM; Presented on Fortress Global's enterprise crypto wallets and stablecoin fundamentals. Discussed market context, benefits like reduced volatility, major stablecoins (USDC, USDT, PYUSD), collateral in treasuries, decentralization, and growth in transaction volumes. Covered enterprise drivers including M&A by Visa and Stripe, use cases like payments and treasury operations (e.g., Save the Children, Trafagura). Addressed operational considerations: custody options, wallets, blockchains, assets. Reviewed regulatory environment (Genius Act, FIT21), state precedents (Wyoming's Frontier Token, North Dakota's Rough Rider), and benefits for states like interest retention and global trade facilitation. Answered questions on international transactions, local reinvestment, entrepreneurship, and consumer protections via multi-approval technology.
Unclear: Jim Kish Information Only00:55:41.359 - 9:54:27 AM; Asked about tokenization's impact on local reinvestment, noting NH's high community lending rates, and potential consolidation into money center banks.
Unclear: Brandon Grod, Chief, Consumer Protection Bureau, NH DOJ Information Only01:01:02.000 - 9:59:48 AM; Raised concerns about fraud risks in instant global transfers with stablecoins and inquired about protections beyond disclosures, like stopping or seizing scammed funds.
Unclear: Greg Bell, Chief Business Officer, Hideera Foundation Information Only01:04:42.880 - 10:03:28 AM; Introduced Hideera as a permissioned public blockchain for regulated applications, governed by Linux Foundation, with node validation by Fortune 500 firms (e.g., Google, IBM). Highlighted features: no sanctions violations, asset controls (freeze, reissue, KYC/AML), fast finality (<3 seconds), no front-running, enterprise-grade scalability. Discussed ecosystem: tokenization studio (ERC-3643 compliant), AI agents, interoperability via bridges (Axelar, Chainlink), EVM compatibility, partners (Securitize, Anchorage). Outlined NH benefits: economic impact from reserves (4% yield for public projects), job growth in blockchain, efficiencies in title tracking, state IDs, environmental quality (e.g., Virginia case), supply chain auditing (Kia, Hyundai), cross-border payments, tokenization of assets/MUN bonds, prediction markets, targeted stimulus. Emphasized consumer protections: transaction recovery, decentralized key recovery, OFAC compliance. Noted fixed low fees, 71B+ transactions, and support for deployments.
Unclear: John Kiko, Director of Business Development, Hideera Information Only01:07:01.280 - 10:05:47 AM; Covered Hideera's ecosystem for stable tokens and tokenization, including open-source tools compliant with Reg S/D, interoperability across chains/platforms, EVM compatibility, partners (Securitize, Anchorage, major exchanges). Detailed economic impacts for NH: reserve management for public funding, innovation-driven jobs, operational efficiencies (title tracking, state IDs), stablecoin applications (e.g., Wyoming, Bank of England), environmental tokenization, supply chain recording for emissions/audits, cross-border payments. Discussed tokenization of all assets, benefits for regional banks (efficiencies, new products like private credit), flywheel effect from reserves, sustainable impact logging, prediction markets for public engagement.
Unclear: Sham Nagarajin, Chief Operating Officer, Hideera Information Only01:08:09.839 - 10:06:55 AM; Provided background from IBM on blockchain adoption in financial services. Emphasized Hideera's trust layer for decentralized apps, node operators (tech/financial giants), global distribution, robustness against downtime. Stressed interrelated use cases: value transfer, information flow, goods movement in supply chains. Highlighted trusted governance, embedded compliance (KYC/AML, OFAC), ecosystem for adoption (custodians, token platforms, trade finance). Noted predictable fixed fees vs. surge pricing, infinite scalability, and 71B transactions exceeding major networks.
Unclear: Rep. Chris Meier Information Only01:43:48.560 - 10:42:34 AM; Expressed concern about blockchain security, questioning if safeguards against hackers could be breached despite claims of safety.
Unclear: Greg (Hedera representative) Information Only01:45:26.080 - 10:44:12 AM; Greg discusses the security features of Hedera in preventing attacks on stable tokens, including past incidents with social media and phishing. He explains that Hedera was designed with security in mind, resulting in no impactful security incidents to date. He emphasizes ongoing improvements in security for wallets, network, and entry points, comparing it to regular online business precautions. He stresses the importance of choosing secure providers for stable coin usage.
Unclear: John (Hedera representative) Information Only01:46:11.440 - 10:44:57 AM; John adds to the discussion on state-issued stable tokens, explaining that if a wallet is hacked, the state can reissue tokens on Hedera by freezing and burning the stolen assets, using immutable records to verify ownership. This applies to tokenized securities as well, with the ledger logging transfers. He highlights Hedera's asynchronous Byzantine fault tolerance, allowing consensus even if the network is offline, positioning it as the gold standard in security. He also addresses reducing personal information risks through a state-run identification program using cryptographic data transfer to minimize repeated KYC exposures.
Unclear: Sham (Hedera representative) Information Only01:48:40.639 - 10:47:26 AM; Sham notes that features like asset freezing and reissuance are elective for issuers. He discusses the DRC alliance for asset safety, enabling recovery for users like grandparents who might lose passwords. This aims to onboard broader populations to stable coins without fear of permanent asset loss.
Unclear: Rep. Brener Information Only01:49:53.280 - 10:48:39 AM; Rep. Brener asks about consumer protections, specifically the time limit for canceling or burning erroneous transactions, such as fat-fingering or hacks. He inquires about the process for recovery.
Unclear: John (response) Information Only01:51:09.760 - 10:49:55 AM; John explains there is no strict time limit for freezing or burning assets if sent incorrectly or stolen, as long as the rightful owner provides proof. The process involves verification and can take time, but assets can be tracked on the network. For non-existent addresses, similar reissuance is possible.
Unclear: Rep. Brener (follow-up) Information Only01:53:16.560 - 10:52:02 AM; Rep. Brener follows up on fraud scenarios where victims are tricked into sending tokens under false pretenses, asking about time limits for recovery in scams that fund nefarious activities abroad.
Unclear: John and Greg (response) Information Only01:54:14.400 - 10:53:00 AM; John states that recovery policies are at the issuer's discretion with no technical time limit. Greg adds that recovery is easier if assets stay on Hedera but harder if moved to other chains like Ethereum. Hedera uses active transaction scanning in wallets to warn users of potential scams before transactions occur.
Unclear: Jim Kish, Bumps Bank Information Only01:55:18.639 - 10:54:04 AM; Jim Kish asks about flexibility for testing approaches, building smart contracts, and gas prices on Hedera, given its ERC compatibility.
Unclear: Greg and John (response) Information Only01:56:33.679 - 10:55:19 AM; Greg explains Hedera supports multiple programming languages like Solidity, Java, C++, etc., and standards like ERC-3643 for regulatory compliance. John notes gas prices are one-tenth of a cent, fixed in USD paid in HBAR, with a free testnet and development toolkits.
Unclear: Unidentified Representative Information Only01:58:59.360 - 10:57:45 AM; The representative asks for elaboration on distributing money to citizens via stable tokens and gaining insights into their behavior, including feasible detail levels.
Unclear: Greg (response) Information Only02:00:10.719 - 10:58:56 AM; Greg describes a system where citizen wallets are KYC'd and mapped to the state, allowing tracking of stimulus tokens to identified merchant wallets (e.g., Walmart) to monitor usage for consumer purchases. This provides data on program efficacy, with options for pseudo-anonymity.
Unclear: Unidentified (follow-up) Information Only02:01:21.360 - 11:00:07 AM; The speaker follows up on using stable tokens for programs like WIC, restricting to certain transactions, and asks if any states are implementing this.
Unclear: John (response) Information Only02:02:27.440 - 11:01:13 AM; John is unaware of any current implementations but sees potential for innovation.
Unclear: Unidentified Representative Information Only02:02:27.440 - 11:01:13 AM; The representative discusses the tension between consumer protection and privacy, referencing a slide on state ID plus privacy, and asks how privacy can be maintained.
Unclear: Greg and Sham (response) Information Only02:03:25.360 - 11:02:11 AM; Greg explains pseudo-anonymous wallets and encrypted transactions, with state-held confidential info. Sham details verifiable credentials for selective data sharing, like proving age without full ID, as used in New York's COVID vaccine proofs. This applies to KYC, licenses, etc., respecting privacy. Private hashspheres offer fully permissioned networks interoperable with public Hedera.
Unclear: Chair (closing) Information Only02:06:22.400 - 11:05:08 AM; The chair asks for final thoughts from the presenters.
Unclear: Greg (final thought) Information Only02:07:29.199 - 11:06:15 AM; Greg offers Hedera as a partner for the state in technology deployment, policy, and Web3 journey, eager to continue conversations with New Hampshire institutions.
Unclear: Chair and Committee Members (wrap-up) Information Only02:07:29.199 - 11:06:15 AM; The chair thanks the presenters, requests slides for the portal, highlights resources like glossary and news, opens for public comment (none), solicits alternative viewpoints, discusses next steps including inviting treasury and BFA reps, confirms participant roles, and schedules the next meeting on January 14th with presenters BitGo and Anchorage Digital. The meeting adjourns.