# 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]]
# 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.*
- March 8, 2026
- [Tokenized Assets Exceed $25 Billion After Nearly Quadrupling in a Year](https://www.coindesk.com/markets/2026/03/08/tokenized-assets-exceed-usd25-billion-after-nearly-quadrupling-in-a-year)
- March 7, 2026
- [Florida Moves Ahead with State-Level Stablecoin Regulation](https://www.dlnews.com/articles/regulation/florida-lawmakers-pass-stablecoin-legislation/)
- March 6, 2026
- [The Stablecoin Yield Debate](https://www.everycrsreport.com/reports/IF13174.html)
- March 2, 2026
- [TREASURY Office of the Comptroller of the Currency: Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act or the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the Office of the Comptroller of the Currency](https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the)
- Feb. 25, 2026
- [OCC Requests Comments on Proposal to Implement GENIUS Act](https://www.occ.treas.gov/news-issuances/news-releases/2026/nr-occ-2026-9.html)
- Feb. 24, 2026
- [Mark Zuckerberg's Meta is planning stablecoin comeback in the second half of this year](https://www.coindesk.com/business/2026/02/24/mark-zuckerberg-s-meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-year)
- [Fed Proposes Rule to Deal with Crypto Debanking by Scrapping 'Reputation Risk'](https://www.coindesk.com/policy/2026/02/24/fed-proposes-rule-to-deal-with-crypto-debanking-by-scrapping-reputation-risk)
- Feb. 19, 2026
- [SEC Staff Issues Guidance on Treatment of Payment Stablecoins under the Broker-Dealer Net Capital Rule (2% Haircut)](https://www.freewritings.law/2026/02/sec-staff-issues-guidance-on-treatment-of-payment-stablecoins-under-the-broker-dealer-net-capital-rule-2-haircut/)
- Feb. 11, 2026
- [NCUA Proposes Framework for Credit Union Stablecoin Issuance Under GENIUS Act](https://ncua.gov/newsroom/press-release/2026/ncua-proposes-rule-permitted-payment-stablecoin-issuer-applications)
- Feb. 6, 2026
- [FDIC Extends GENIUS Act Comment Period to May 18](https://bankingjournal.aba.com/2026/02/fdic-extends-comment-period-for-genius-act-implementation/)
- Jan. 28, 2026
- [Senate Ag Committee Releases Updated Crypto Market Structure Legislative Text](https://www.dwt.com/blogs/financial-services-law-advisor/2026/01/senate-ag-committee-crypto-market-structure-text)
- [SEC Issues Joint Staff Statement on Tokenized Securities Taxonomy](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826)
- Jan. 17, 2026
- [How tokenized assets could become a $400 billion market in 2026](https://www.coindesk.com/news-analysis/2026/01/17/why-tokenized-stocks-funds-and-gold-will-have-a-breakout-year-in-2026)
- Jan. 16, 2026
- [Crypto card spending hits $18 billion annualized as stablecoin use shifts to everyday payments](https://www.coindesk.com/business/2026/01/16/crypto-card-spending-hits-usd18-billion-annualized-as-stablecoin-use-shifts-to-everyday-payments)
- [PNC Bank CEO says stablecoins must choose: be a payment tool or a money market fund](https://www.coindesk.com/business/2026/01/16/pnc-bank-ceo-says-stablecoins-must-choose-be-a-payment-tool-or-a-money-market-fund)
- Jan 15, 2026
- [Senate Banking Committee Releases Amendment to 2025 Responsible Financial Innovation Act Draft](https://www.dwt.com/blogs/financial-services-law-advisor/2026/01/responsible-financial-innovation-act-amendment)
- Jan. 14, 2026
- [More than 3,200 Bankers Urge the Senate to Close the Stablecoin Loophole](https://www.aba.com/advocacy/policy-analysis/close-payment-of-interest-loophole-letter)
- Jan 13, 2026
- [Senate Agriculture Committee reschedules its own crypto bill hearing to Jan. 27](https://www.coindesk.com/policy/2026/01/13/senate-agriculture-committee-reschedules-its-own-crypto-bill-hearing-to-jan-27)
- Jan. 12, 2026
- [Lummis, Wyden Introduce Bipartisan Blockchain Regulatory Certainty Act](https://www.lummis.senate.gov/press-releases/lummis-wyden-introduce-bipartisan-legislation-to-protect-blockchain-developers-from-money-transmitter-requirements/)
- Jan. 11, 2026
- [JPMorgan downplays stablecoin threat as local bankers warn of $6.6T risk](https://www.coindesk.com/policy/2026/01/11/jpmorgan-downplays-stablecoin-threat-as-local-bankers-warn-of-usd6-6t-risk)
- [Lawmakers are preparing to try again on major crypto bill. Why it matters and what happens next](https://www.cnbc.com/2026/01/11/crypto-lawmakers-are-preparing-to-try-again-on-major-bill-what-can-happen-next.html)
- Jan 8, 2026
- [Wall Street, Crypto Leaders Make 'Progress' on Crypto Bill in Private Meeting: Sources](https://decrypt.co/354064/wall-street-crypto-market-structure-bill-private-meeting)
- Jan. 7, 2026
- [Wyoming Ushers in New Era: Launches First-of-its-kind Frontier Stable Token for Public Purchase](https://governor.wyo.gov/news-releases/wyoming-ushers-in-new-era-launches-first-of-its-kind-frontier-stable-token-for-public-purchase)
- Dec. 17, 2025
- [DTCC begins limited onchain Treasury test on Canton Network after SEC greenlight](https://www.theblock.co/post/383009/dtcc-onchain-treasury-test-canton-network-sec-greenlight)
- Dec. 13, 2025
- [U.S. Market Structure Bill May Slide to January as Talks Continue Over Several Points](https://www.coindesk.com/policy/2025/12/13/u-s-market-structure-bill-may-slide-to-january-as-talks-continue-over-several-points)
- Dec. 12, 2025
- [U.S. SEC Gives Implicit Nod for Tokenized Stocks](https://www.coindesk.com/policy/2025/12/12/u-s-sec-gives-implicit-nod-for-tokenized-stocks)
- Dec. 10, 2025
- [U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down](https://www.coindesk.com/policy/2025/12/10/u-s-senate-s-crypto-market-structure-bill-gets-messy-as-calendar-weighs-down)
- Dec. 5, 2025
- [IMF: How Stablecoins Can Improve Payments And Global Finance – Analysis](https://www.imf.org/en/blogs/articles/2025/12/04/how-stablecoins-can-improve-payments-and-global-finance)
- Dec. 3, 2025
- [Coinbase CEO: Major U.S. Banks Running Stablecoin and Crypto Pilots](https://www.coindesk.com/business/2025/12/03/coinbase-is-partnering-with-major-u-s-banks-on-stablecoin-and-crypto-pilots)
- Dec. 2, 2025
- [Kraken Acquires Backed Finance to Accelerate Tokenized Stock Expansion](https://cointelegraph.com/news/kraken-backed-finance-2025-acquisition-xstocks-tokenization)
- Dec. 1, 2025
- [FDIC Says First GENIUS Act Regulations Coming This Month](https://www.coindesk.com/policy/2025/12/01/u-s-fdic-chief-says-first-genius-act-regulations-heading-for-proposal-this-month)
- Nov. 26, 2025
- [Securitize Gets EU Green Light, Plans Tokenized Securities Platform on Avalanche](https://www.coindesk.com/business/2025/11/26/securitize-gets-eu-green-light-plans-tokenized-securities-platform-on-avalanche)
- Nov. 25, 2025
- [Klarna Launches KlarnaUSD as Stablecoin Transactions Hit $27 Trillion Annually](https://www.businesswire.com/news/home/20251125988620/en/Klarna-Launches-KlarnaUSD-as-Stablecoin-Transactions-Hit-%2427-Trillion-Annually)
- [U.S Bank Tests Custom Stablecoin Issuance on Stellar Network](https://www.coindesk.com/business/2025/11/25/anchorage-digital-aims-to-pay-rewards-on-ethena-s-tokens-under-genius-act)
- [Anchorage Digital Aims to Pay 'Rewards' on Ethena's Tokens Under GENIUS Act](https://www.coindesk.com/business/2025/11/25/anchorage-digital-aims-to-pay-rewards-on-ethena-s-tokens-under-genius-act)
- Nov. 24, 2025
- [The Digital Dawn: Tokenized Stocks Poised to Reshape Global Financial Markets](https://markets.financialcontent.com/stocks/article/marketminute-2025-11-24-the-digital-dawn-tokenized-stocks-poised-to-reshape-global-financial-markets)
- Nov. 07, 2025
- [Federal Reserve: A Global Stablecoin Glut: Implications for Monetary Policy](https://www.federalreserve.gov/newsevents/speech/miran20251107a.htm)
- Oct. 30, 2025
- [Standard Chartered sees tokenized real-world assets reaching $2 trillion by 2028 — ‘vast majority’ on Ethereum](https://www.tradingview.com/news/the_block:b3fa03d1f094b:0-standard-chartered-sees-tokenized-real-world-assets-reaching-2-trillion-by-2028-vast-majority-on-ethereum/)
## 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)