Committee Summary for Commission to Study Stable Tokens (10/15/2025)

Bill/Time	Type	Title	Sponsor
Unclear 00:11:07.920 - 9:04:43 AM	General Working Session	Unclear

Unclear: Chair (Keith Ammon) Information Only00:11:07.920 - 9:04:43 AM; The chair calls the meeting of the Stable Token Study Commission to order, welcomes new members including Jim Kish, Dan Nunes Cohen from Crypto.com, Andy Schwab, and Seth Orinberg from UNH Franklin Pierce School of Law, and notes that all vacancies are filled. He facilitates introductions and outlines the agenda focusing on blockchain basics, stable tokens, and tokenized real world assets.
Unclear: Tara Reen Information Only00:13:14.560 - 9:06:50 AM; Senator Tara Reen introduces herself as representing the New Hampshire Senate.
Unclear: Jim Copalt Information Only00:13:14.560 - 9:06:50 AM; Jim Copalt introduces himself as representing Hillsboro 32.
Unclear: Keith Ammon Information Only00:13:14.560 - 9:06:50 AM; Keith Ammon introduces himself as representing Hillsboro 42.
Unclear: Seth Orinberg Information Only00:13:14.560 - 9:06:50 AM; Seth Orinberg introduces himself as a professor of law at the University of New Hampshire Franklin Pierce School of Law.
Unclear: Brandon Grod Information Only00:13:14.560 - 9:06:50 AM; Brandon Grod introduces himself as a senior assistant attorney general and chief of the consumer protection and antitrust bureau at the New Hampshire Department of Justice, serving as the attorney general's designate on the commission.
Unclear: Katie Taylor Information Only00:13:14.560 - 9:06:50 AM; Katie Taylor introduces herself as a staff attorney with the New Hampshire Bureau of Securities Regulation, serving as the Secretary of State's designate.
Unclear: Michael Moranti Information Only00:13:14.560 - 9:06:50 AM; Michael Moranti introduces himself as the deputy commissioner of the banking department, serving as the banking commissioner's designate.
Unclear: Chris Mleier Information Only00:14:10.880 - 9:07:46 AM; Representative Chris Mleier introduces himself as representing Carroll County District 2 and a member of the commerce committee for the state house.
Unclear: Andy Schwab Information Only00:14:10.880 - 9:07:46 AM; Andy Schwab introduces himself as having been in the blockchain industry for five years, working with Vertical Labs focusing on security and identity in blockchain, and expresses excitement about participating in the commission on cryptocurrency and digital assets.
Unclear: Dan Nunes Cohen Information Only00:15:16.639 - 9:08:52 AM; Dan Nunes Cohen introduces himself as head of policy for North America for Crypto.com and senior regulatory counsel, including for Crypto.com Custody Trust Company, New Hampshire's first crypto-qualified custodian.
Unclear: Deanna Bario Zales (Diana), Global Blockchain Business Council Information Only00:16:23.519 - 9:09:59 AM; Deanna Bario Zales presents on the global landscape of stable tokens and tokenized real world assets. She defines stable coins as fiat-backed or asset-backed digital representations, discusses use cases like payments, remittances, DeFi, hedging, and treasury functions, highlights growth trends with market cap over $250 billion and increasing users and volumes, notes dominance of USDT and USDC, and projects trillions in tokenized assets by 2030. She covers regulatory developments in the US (Genius Act, Clarity Act), EU (MiCA), UK, UAE, Singapore, Japan, and Brazil, emphasizing harmonization, standards, and opportunities for efficiency, liquidity, and interoperability. She addresses challenges like regulatory uncertainty, peg stability, and custody risks, and explains differences between asset-backed and algorithmic stable coins, noting the latter's reliance on supply-demand economics without tangible backing. She offers to share slides and answer questions via email.
Unclear: Chair (Keith Ammon) Information Only00:47:09.040 - 9:40:45 AM; The chair thanks Deanna for the presentation, requests her slides for the commission portal, asks for contact information, and opens the floor for Q&A. He asks a question about the difference between asset-backed and algorithmic stable tokens.
Unclear: Deanna Bario Zales (Diana), Global Blockchain Business Council Information Only00:48:11.040 - 9:41:47 AM; In response to the chair's question, Deanna explains that asset-backed stable tokens have real reserves like gold or fiat in vaults or bank accounts represented on blockchain, while algorithmic ones rely on supply-demand economics without tangible backing, raising regulatory concerns about issuing money out of thin air. She notes ongoing controversies like the Terra Luna scandal and the need for more clarity and controls.
Unclear: Sandra O'Neal, Attorney with She and Finny (general public) Information Only00:50:30.319 - 9:44:06 AM; Sandra O'Neal asks about tokenizing real estate and how it integrates with traditional legal constructs like limited partnerships, questioning if it replaces them or embeds legal agreements.
Unclear: Deanna Bario Zales (Diana), Global Blockchain Business Council Information Only00:50:30.319 - 9:44:06 AM; Deanna responds that legal requirements for real estate remain unchanged; tokenization embeds legal agreements into blockchain governance, smart contracts, and consensus mechanisms, aligning with existing regulations. She notes early use cases like ASEN tokenization and must leave for another commitment but offers to answer further questions via email.
Unclear: Chair (Keith Ammon) Information Only00:52:42.559 - 9:46:18 AM; The chair thanks Deanna, suggests inviting her back for future discussions, and transitions to the next speaker, Anthony Apollo from the Wyoming Stable Token Commission, noting their implementation focus and that New Hampshire may not follow the same approach.
Unclear: Anthony Apollo, Executive Director, Wyoming Stable Token Commission Information Only00:53:44.480 - 9:47:20 AM; Anthony Apollo introduced himself and shared his background in traditional finance, digital assets, and blockchain intellectual property. He detailed the Wyoming Stable Token Act of 2023, which established the commission to issue fiat-backed stable tokens. He described the commission's structure, including oversight by the governor, state treasurer, auditor, and expert advisors, and the team's expertise in regulation, finance, and intelligence. Apollo emphasized the token's conservative backing with cash and US Treasuries, issuance on public blockchains, and goals of revenue diversification, digital integration, and creating a fully reserved financial instrument. He covered Wyoming's legislative history on digital assets, use cases for institutional and retail payments, benefits like global settlement and cost savings, and distinctions from private stablecoins such as public oversight, transparency, and constitutional protections for lawful uses. Apollo discussed implementation challenges, blockchain selection, procurement, rulemaking, and future initiatives like interstate compacts and yield distribution. He addressed Q&A on decentralization metrics like the Nakamoto coefficient, partnerships with banks nationwide, and collaborations.
Unclear: Colin, Director of Business Division, Wyoming Secretary of State (soon Deputy Secretary) Information Only01:29:56.800 - 10:23:32 AM; Colin introduced himself as the current Director of the Business Division and upcoming Deputy Secretary of State in Wyoming. He noted that while the Secretary of State does not sit on the Stable Token Commission board, the department supports it and handles related crypto policies, including registrations for DAOs and DUNAs. He expressed willingness to assist other states with entity types and interstate agreements on digital assets.
Unclear: Seth Orinberg, Professor, University of New Hampshire Information Only01:31:57.040 - 10:25:33 AM; Seth Orinberg previewed his upcoming presentation on federal advancements in digital asset legislation, focusing on the GENIUS Act, which redefines stablecoin regulation into a multi-rail system including federally qualified, state-qualified, and state-issued stable tokens. He also mentioned the Clarity Act, which addresses digital asset typologies, regulatory oversight, and whether they fall under securities laws at federal and state levels.
Unclear: Salman, Plume Network Information Only01:34:06.159 - 10:27:42 AM; Salman presented on Plume Network, an American company focused on tokenizing real-world assets (RWAs) to bridge DeFi and traditional finance, aligning with US goals of exporting capital markets and the dollar. He highlighted Plume's growth metrics, including $464 million TVL and 54% market share in non-stablecoin RWAs, backed by investors like Apollo Global Management. Salman discussed strategies for demand and supply sides, embedded AML screening, and tokenization benefits like faster settlement, global reach, cost savings, and automation. He explained Plume's pillars: tokenization via ARC and Nest protocols, compliance tools, EVM compatibility for distribution, and utilities like staking and borrowing. Case studies included Superstate's T-bill funds and Apollo's credit strategies on Nest, with $81 million TVL. He cited studies showing improved liquidity and lower costs for tokenized bonds, and shared best practices from jurisdictions like Hong Kong (bond subsidies), Bermuda (SPVs), Switzerland (onchain equities), and Singapore (verified credentials for KYC). Salman suggested lessons for New Hampshire, such as incentives for municipal bonds, flexible SPV structures, updating corporate laws for ledger-based equities, and onchain metadata for KYC.
Unclear: Rich, Plume Network Information Only02:06:07.040 - 10:59:43 AM; Rich clarified the concept of SPV (Special Purpose Vehicle or Entity), describing it as a legally distinct company used to segregate assets, providing bankruptcy remoteness to protect investors. He used the FTX bankruptcy as an analogy to illustrate how SPVs isolate funds from parent company risks, emphasizing their role in RWA tokenization for investor protection.