# Commission to Study Stable Tokens
This is an **unofficial** portal of [Commission to Study Stable Tokens](https://gc.nh.gov/statstudcomm/details.aspx?id=1729). The commission was created by the passage of [HB310](https://gc.nh.gov/bill_status/billinfo.aspx?id=485&inflect=2) officially titled, "establishing a commission to study the creation of a regulatory framework for stable tokens, tokenized real-world assets, and blockchain-based trusts in New Hampshire." The related statute is [RSA 383:26](https://gc.nh.gov/rsa/html/XXXV/383/383-26.htm).
The purpose of this portal is to keep members of the public informed in as close to real-time as possible.
# Meetings
- [[2025-09-17 Organizational Meeting|Wed, Sep 17, 2025 - Organizational Meeting]]
- [[2025-10-15 Regular Meeting|Wed, Oct 15, 2025 - Regular Meeting]]
- [[2025-11-12 Regular Meeting|Wed, Nov 12, 2025 - Regular Meeting]]
- [[2025-12-10 Regular Meeting|Wed, Dec 10, 2025 - Regular Meeting]]
- [[2026-01-14 Regular Meeting|Wed, Jan 14, 2026 - Regular Meeting]]
- [[2026-02-10 Regular Meeting|Tue, Feb 10, 2026 - Regular Meeting]]
- [[2026-03-10 Regular Meeting|Tue, Mar 10, 2026 - Regular Meeting]]
- [[2026-04-06 Regular Meeting|Mon, Apr 6, 2026 - Regular Meeting]]
- ==[[2026-05-04 Regular Meeting|Mon, May 4, 2026 - Regular Meeting]]==
- [[2026-05-13 Regular Meeting|Wed, May 13, 2026 - Regular Meeting]]
# Responsibilities
- I. The commission shall study and make recommendations regarding the following:
- (a) The current landscape of stable token and tokenized RWA regulation within and outside New Hampshire.
- (b) Legal, financial, and technological considerations for a state-level regulatory framework.
- (c) Best practices from other jurisdictions for stable token and RWA regulation.
- (d) Potential benefits and risks associated with the adoption of stable token and RWA frameworks in New Hampshire.
- (e) Mechanisms for consumer protection and risk management.
- (f) Economic opportunities related to blockchain technology and digital assets, including fostering innovation and job creation.
# Commission Members
| Member | Position | Appointment | Contact |
| ------------------- | ----------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------- |
| **Keith Ammon** | Representative, Chair | House, Hillsborough District 42 | [gc.nh.gov](https://gc.nh.gov/house/members/member.aspx?pid=836) |
| **Jim Kofalt** | Representative, Vice Chair | House, Hillsborough District 32 | [gc.nh.gov](https://gc.nh.gov/house/members/member.aspx?pid=9895) |
| **Chris McAleer** | Representative | House, Carroll District 2 | [gc.nh.gov](https://gc.nh.gov/house/members/member.aspx?pid=9871) |
| **Daryl Abbas** | Senator | Senate, District 22 | [gc.nh.gov](https://gc.nh.gov/senate/members/webpages/district22.aspx) |
| **Tara Reardon** | Senator | Senate, District 15 | [gc.nh.gov](https://gc.nh.gov/senate/members/webpages/district15.aspx) |
| **Michael Moranti** | Deputy Bank Commissioner | Banking Commissioner or Designee | [banking.nh.gov](https://www.banking.nh.gov/about-us#:~:text=School%20of%20Law.-,Deputy%20Bank%20Commissioner,-Michael%20Moranti) |
| **Brandon Garod** | Senior Assistant Attorney General | Attorney General or Designee | [LinkedIn](https://www.linkedin.com/in/brandon-garod-60685b40/) |
| **Katie Taylor** | Staff Attorney, Bureau of Securities Regulation | Secretary of State or Designee | [Email](mailto:
[email protected]) |
| **Dan Nuñez Cohen** | VP, Head of Policy - North America<br>VP, Senior Regulatory Counsel <br>at [Crypto.com](https://crypto.com) | Blockchain technology industry representative, appointed by the governor | [LinkedIn](https://www.linkedin.com/in/dan-nu%C3%B1ez-cohen-a2159162/) |
| **Andy Schwab** | Founder & CEO, [Sodal.io](https://sodal.io) | Blockchain technology industry representative, appointed by the governor | [Links](https://andyschwab.link/) |
| **Jim Kisch** | President and CEO of [Passumpsic Bank](https://www.passumpsicbank.com/) | Banking industry representative, appointed by the governor | [LinkedIn](https://www.linkedin.com/in/kisch/) |
| **Seth Oranburg** | Professor of Law, [UNH Franklin Pierce School of Law](https://law.unh.edu) | Academic community representative, appointed by the governor | [LinkedIn](https://www.linkedin.com/in/sco603/) |
# Resources
## Blockchain 101
- [[What is a Blockchain One-Pager 2025 03 28.pdf|What is a Blockchain? One-Pager]]
## Glossary
- [[Glossary of Terms]]
## Reports
- [[Strengthening American Leadership in Digital Finance Technology|White House Crypto Report]]
- [[Report of Governor Sununu's Commission on Cryptocurrencies and Digital Assets|New Hampshire Commission on Cryptocurrencies and Digital Assets]]
- [[Final Hedera New Hampshire Submission October 2025.pdf|Final Hedera New Hampshire Submission October 2025]]
- [State Stablecoin & DeFi Policy Playbook: Post‑GENIUS Act - NABA](https://nablock.org/state-stablecoin-defi-policy-playbook-post%E2%80%91genius-act/)
## Federal Legislation
- [GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins)](https://www.congress.gov/bill/119th-congress/senate-bill/1582)
- [Digital Asset Market Clarity (CLARITY) Act](https://agriculture.house.gov/news/documentsingle.aspx?DocumentID=7921)
## Other States' Efforts
- [Wyoming Stable Token Commission](https://stabletoken.wyo.gov/)
- [Bank of North Dakota and Fiserv Partner to Launch “Roughrider Coin”](https://bnd.nd.gov/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin/)
## Federal Reserve Papers
- [[SRA2601.pdf|Boston Fed: A Framework for Understanding the Vulnerabilities of New Money-Like Products]]
## [[Potential Legislation]]
## Related News
*The list below is incomplete and should not be considered endorsements.*
- May 2, 2026
- [Consensys Takes Aim at Key Gaps in U.S. Stablecoin Regulation](https://www.cryptotimes.io/2026/05/02/consensys-takes-aim-at-key-gaps-in-u-s-stablecoin-regulation/)
- May 1, 2026
- [Clarity Act Text Lets Crypto Firms Offer Stablecoin Rewards While Shielding Bank Yield](https://www.coindesk.com/policy/2026/05/01/clarity-act-text-lets-crypto-firms-offer-stablecoin-rewards-while-shielding-bank-yield)
- [RWA Tokenization Surges to $19.3B as Institutional Adoption Accelerates: CoinGecko](https://www.cryptotimes.io/2026/05/01/rwa-tokenization-surges-to-19-3b-as-institutional-adoption-accelerates-coingecko/)
- [Coinbase's 'CUSHY' Stablecoin Fund to Launch Tokenized Share Class via Superstate in Q2](https://www.theblock.co/post/399652/coinbase-cushy-stablecoin-fund-launch-tokenized-share-class-superstate-q2)
- April 30, 2026
- [Coinbase (COIN) Launches Tokenized Stablecoin Credit Fund on Solana, Ethereum, Base](https://www.coindesk.com/business/2026/04/30/coinbase-s-asset-manager-to-offer-stablecoin-credit-fund-with-tokenized-share-class)
- ["We're in Red Zone": Sen. Tim Scott Signals Clarity Act Nearing Vote](https://www.cryptotimes.io/2026/04/30/were-in-red-zone-sen-tim-scott-signals-clarity-act-nearing-vote/)
- [Anchorage Digital Partners with M0 on US Stablecoin Issuance Stack](https://thedefiant.io/news/tradfi-and-fintech/anchorage-m0-partner-on-regulated-stablecoin-issuance-united-states)
- April 29, 2026
- [U.S. Senator Holding Cards on Clarity Act's Next Move Says It's Ready to Get to Hearing](https://www.coindesk.com/news-analysis/2026/04/29/u-s-senator-holding-cards-on-clarity-act-s-next-move-says-it-s-ready-to-get-to-hearing)
- [Visa Expands Stablecoin Settlement Network as Volume Hits $7 Billion Run Rate](https://www.coindesk.com/business/2026/04/29/visa-expands-stablecoin-settlement-network-as-volume-hits-usd7-billion-run-rate)
- [Meta Starts Stablecoin Payout to Creators in Circle's USDC on Polygon, Solana via Stripe](https://www.coindesk.com/business/2026/04/29/tech-giant-meta-starts-paying-some-creators-in-stablecoin-with-stripe-s-support)
- [Lightspark Launches Grid Global Accounts, Targeting Fragmented Global Payment System](https://bitcoinmagazine.com/news/lightspark-launches-grid-global-accounts)
- April 28, 2026
- [Mastercard Links with Circle, Paxos for Merchant Stablecoin Payments](https://cointelegraph.com/news/mastercard-partners-circle-paxos-expand-stablecoin-support-merchants)
- [MetaMask Launches Self-Custody Crypto Card with Mastercard in the U.S.](https://cointelegraph.com/news/meta-mask-self-custody-crypto-card-mastercard)
- [Ondo Finance Adds Proxy Voting for Holders of Its $700 Million Tokenized Equities](https://www.coindesk.com/tech/2026/04/28/ondo-finance-adds-proxy-voting-for-holders-of-its-usd700-million-tokenized-equities)
- [Stablecoin Payroll Firm Toku Taps Paxos Labs' Amplify to Offer Yield on Paychecks](https://www.theblock.co/post/399161/stablecoin-payroll-firm-toku-taps-paxos-labs-amplify-to-offer-yield-on-paychecks)
- [Clarity Act Stuck in Senate as Clock Ticks on 2026 Crypto Regulation](https://www.cryptotimes.io/2026/04/28/clarity-act-stuck-in-senate-as-clock-ticks-on-2026-crypto-regulation/)
- April 27, 2026
- [Western Union Gears Up Stablecoin Launch to Settle Global Transactions Without SWIFT](https://www.coindesk.com/business/2026/04/27/western-union-eyeing-stablecoin-launch-to-settle-global-transactions-without-swift-ceo-says)
- [Cross-Border B2B Stablecoin Payments to Hit $5 Trillion by 2035, Says Juniper Research](https://www.coindesk.com/business/2026/04/27/cross-border-b2b-stablecoin-payments-to-rise-by-over-37-000-to-usd5t-by-2035)
- [Israel Approves First Shekel-Pegged Stablecoin Framework After Two-Year Regulatory Pilot](https://www.financemagnates.com/cryptocurrency/israel-approves-first-shekel-pegged-stablecoin-framework-after-two-year-regulatory-pilot/)
- April 26, 2026
- [Running Out of Time on Clarity: State of Crypto](https://www.coindesk.com/policy/2026/04/26/running-out-of-time-on-clarity-state-of-crypto)
- April 25, 2026
- [Ripple Says Multi-Asset Stablecoin Rails Are Becoming Critical for Global Payments](https://news.bitcoin.com/ripple-says-multi-asset-stablecoin-rails-are-becoming-critical-for-global-payments/)
- April 24, 2026
- [Morgan Stanley launches Stablecoin Reserves Portfolio. Here's what it means](https://www.coindesk.com/markets/2026/04/24/morgan-stanley-is-positioning-itself-as-the-reserve-manager-for-the-stablecoin-industry)
- April 23, 2026
- [More Than 100 Crypto Firms Urge Senate to Act on Market Structure Bill Markup](https://www.coindesk.com/policy/2026/04/23/more-than-100-crypto-firms-urge-senate-to-move-on-u-s-market-structure-bill)
- [Tether Freezes $344 Million in USDT on Tron Tied to 'Illicit Activity'](https://www.coindesk.com/business/2026/04/23/tether-freezes-usd344-million-in-usdt-on-tron-tied-to-illicit-activity)
- [FASB Wants Companies to Reveal Stablecoin Holdings](https://www.pymnts.com/cryptocurrency/2026/fasb-wants-companies-to-reveal-stablecoin-holdings/)
- April 22, 2026
- [Banks Seek to Slow Down Implementation of Crypto's GENIUS Act on Stablecoin Oversight](https://www.coindesk.com/policy/2026/04/22/banks-seek-to-slow-down-implementation-of-crypto-s-genius-act-on-stablecoin-oversight)
- [Banking Groups Seek More Time for Public Input on GENIUS Act Implementation](http://bankingjournal.aba.com/2026/04/banking-groups-seek-more-time-for-public-input-on-genius-act-implementation/)
- [Banking Associations Seek Pause in GENIUS Act Rulemaking Process](https://www.pymnts.com/blockchain/2026/banking-associations-seek-pause-in-genius-act-rulemaking-process/)
- [Crypto Bill Nears Stablecoin Rewards Breakthrough as Talks Hit 'Good Spot,' But Ethics Concerns Set to Resurface](https://www.theblock.co/post/398498/crypto-bill-nears-stablecoin-rewards-breakthrough-ethics-concerns-resurface)
- April 21, 2026
- [Crypto's Great Hope in Senate's Clarity Act Still Has a Path to Survive Tight Calendar](https://www.coindesk.com/news-analysis/2026/04/21/crypto-s-great-hope-in-senate-s-clarity-act-still-has-a-path-to-survive-tight-calendar)
- [DoorDash Joins Massive Fintech Push to Bring Stablecoin Payouts to Merchants](https://www.coindesk.com/business/2026/04/21/doordash-is-bringing-stablecoin-payments-to-masses-with-stripe-backed-blockchain)
- [A Dozen Banks Want a Euro Stablecoin. Fireblocks Is Making It Happen](https://www.coindesk.com/business/2026/04/21/crypto-custody-firm-fireblocks-powers-bank-backed-euro-stablecoin)
- [Stripe and Paradigm-backed Blockchain Tempo Launches Advisory Unit to Promote Stablecoin Adoption](https://fortune.com/2026/04/21/stripe-and-paradigm-tempo-advisory-stablecoin-adoption/)
- [Tokenized Real-World Asset Market Cap Surges 20x in Three Years, Topping $29 Billion](https://news.bitcoin.com/tokenized-rwa-market-cap-surges-20x-three-years/)
- April 20, 2026
- [Central Banks Warn: US Stablecoins Fuel Dollarization, Crime Risks](https://www.banklesstimes.com/articles/2026/04/20/central-banks-warn-us-stablecoins-fuel-dollarization-crime-risks/)
- April 19, 2026
- [Previewing Consensus' Policy Summit: State of Crypto](https://www.coindesk.com/policy/2026/04/19/previewing-consensus-policy-summit-state-of-crypto)
- April 18, 2026
- [Circle Launches USDC Bridge for Native Cross-Chain Transfers Across EVM Networks](https://news.bitcoin.com/circle-launches-usdc-bridge-for-native-cross-chain-transfers-across-evm-networks/)
- April 17, 2026
- [Clarity Act's Stablecoin Yield Language Pushed Back; Ban on Idle Balances Still Intact](https://www.theblock.co/post/397838/clarity-act-stablecoin-yield-delayed)
- [France's Finance Minister Calls for More Euro Stablecoins in Sign of Government Policy Shift](https://www.coindesk.com/policy/2026/04/17/french-government-pivots-from-slamming-privately-issued-stablecoins-to-supporting-them)
- April 16, 2026
- [Circle CEO Says China Could Launch Yuan Stablecoin Within 3 to 5 Years as Currency Race Heats Up](https://www.coindesk.com/policy/2026/04/16/circle-ceo-says-china-could-launch-yuan-stablecoin-within-3-to-5-years-as-currency-race-heats-up)
- [Drift Gets $148 Million Rescue Fund and Tether Will Replace Circle's USDC for Settlement After Massive Exploit](https://www.coindesk.com/business/2026/04/16/drift-gets-usd148-million-funding-from-tether-and-partners-as-it-replaces-circle-stablecoin-with-usdt-after-massive-exploit)
- April 15, 2026
- [JPMorgan Says CLARITY Close to Deal as Stablecoin Fight Enters Final Stage](https://www.coindesk.com/policy/2026/04/15/jpmorgan-says-clarity-close-to-deal-as-stablecoin-fight-enters-final-stage)
- [FCA Consults on Guidance on UK's Future Crypto Regime](https://www.fca.org.uk/news/press-releases/fca-consults-guidance-uk-future-crypto-regime)
- [Societe Generale Takes USD Stablecoin to Millions of Crypto Wallet Users](https://www.bloomberg.com/news/articles/2026-04-15/socgen-takes-usd-stablecoin-to-millions-of-crypto-wallet-users)
- [HSBC Plots New Stablecoin, PayPal Expands in Brazil](https://www.americanbanker.com/payments/news/hsbc-plots-new-stablecoin-paypal-expands-in-brazil)
- April 14, 2026
- [Tether Introduces Crypto Wallet to Bring Stablecoin and Bitcoin Payments Directly to Users](https://www.coindesk.com/business/2026/04/14/tether-introduces-crypto-wallet-to-bring-stablecoin-and-bitcoin-payments-directly-to-users)
- April 13, 2026
- [U.S. Lawmakers Take Another Swing at Crypto Tax Policy With Revised Bill](https://www.coindesk.com/policy/2026/04/13/u-s-lawmakers-take-another-swing-at-crypto-tax-policy-with-revised-bill)
- April 10, 2026
- [Hong Kong Awards First Stablecoin Licenses to HSBC and Standard Chartered-Backed Anchorpoint](https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out)
- [Japan's Cabinet Approves Bill Reclassifying Crypto Assets as Financial Instruments](https://www.coindesk.com/policy/2026/04/10/japan-moves-to-classify-cryptocurrencies-as-financial-products)
- [Kansas City Fed: What Are Stablecoins Used for Today? Estimating the Distribution of Stablecoins](https://fedinprint.org/item/fedkpb/103020)
- April 9, 2026
- [New Stablecoin Rules Push Banks Into the Crypto Front Line](https://www.pymnts.com/news/regulation/2026/new-stablecoin-rules-push-banks-into-the-crypto-front-line/)
- April 8, 2026
- [Treasury Proposes Rule to Implement the GENIUS Act's Requirements to Counter Illicit Finance](https://home.treasury.gov/news/press-releases/sb0435)
- [White House CEA: Effects of Stablecoin Yield Prohibition on Bank Lending](https://www.whitehouse.gov/research/2026/04/effects-of-stablecoin-yield-prohibition-on-bank-lending/)
- [Circle Launches CPN Managed Payments, a Full-Stack Platform for Seamless Stablecoin Settlement](https://www.circle.com/pressroom/circle-launches-cpn-managed-payments-a-full-stack-platform-for-seamless-stablecoin-settlement)
- [Federal Reserve FEDS Notes: Stablecoins in 2025 -- Developments and Financial Stability Implications](https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html)
- April 7, 2026
- [FDIC Approves Proposed Rulemaking to Implement GENIUS Act Requirements and Standards for Stablecoin Issuers](https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards)
- April 3, 2026
- [FDIC Schedules April 7 Board Meeting to Consider GENIUS Act Payment Stablecoin Requirements](https://www.fdic.gov/news/board-matters/2026/april-7-2026-sunshine-act-meeting-notice)
- April 2, 2026
- [IMF Publishes "Tokenized Finance" Note on Structural Shift in Financial Architecture](https://www.imf.org/en/publications/imf-notes/issues/2026/04/01/tokenized-finance-574921)
- [Crypto Market Structure Bill Release Pushed Back as Industries View Revised Stablecoin Yield Compromise](https://www.coindesk.com/policy/2026/04/02/crypto-market-structure-bill-release-pushed-back-as-industries-view-revised-stablecoin-yield-compromise-this-week)
- April 1, 2026
- [U.S. Treasury Proposes First GENIUS Act Regulation on State vs. Federal Stablecoin Oversight](https://www.pymnts.com/news/regulation/2026/treasury-proposes-its-first-regulation-to-implement-genius-act/)
- [Proposed Rule Would Give States ‘Wide Latitude’ to Set Stablecoin Regulation](http://bankingjournal.aba.com/2026/04/proposed-rule-would-give-states-wide-latitude-to-set-stablecoin-regulation/)
[[Related News Archive|Older stories (Oct 2025 - Mar 2026) >>]]
## Stable Token and RWA Analytics
*The real-world-asset explorers listed below are for informational purposes only and should not be considered endorsements.*
- [Artemis Analytics](https://app.artemisanalytics.com/stablecoins)
- [DefiLlama](https://defillama.com/stablecoins)
- [Messari](https://messari.io/stablecoins)
- [RWA.xyz](https://app.rwa.xyz/)
# Inquiries
Email:
[email protected]
Official State Portal: [gc.nh.gov](https://gc.nh.gov/statstudcomm/details.aspx?id=1729)