Transcript Highlights:

• 70 to 80% of our our run volume. 70 to 80% of our our run volume.
• tax rate above the current 10-cent cap? tax rate above the current 10-cent cap?
• go above that 10-centent cap. go above that 10-centent cap.
• only go two cents above the cap per 100. only go two cents above the cap per 100.
• 10-cent cap. >> It's kind of a cap, but not—understand. >> Thank you, Mr.

Keywords: Meeting Start 00:00:04 Roll Call 00:00:23 HB 246 Discussion 00:02:47 HB 246 Vote 00:15:15 HB 613 Discussion 00:17:04 HB 613 Vote 00:29:09 Adjournment 00:30:37, 958, all

Summary: The House Standing Committee on Local Government met with a quorum present and briefly introduced a guest before taking up two bills. House Bill 246, as amended by House Committee Substitute 1, would require animal control officers to complete training on recognizing child abuse and neglect. The sponsor and a young advocate testified that animal control officers often encounter warning signs in homes, cited data linking animal abuse and child abuse, and said the training would be free, brief, and housed by Prevent Child Abuse Kentucky. The committee substitute was explained as addressing local government liability concerns by allowing counties to opt out, tying the bill to existing reporting statutes, and clarifying that the training creates no investigative duty. Members asked about whether the training was one-time, how opt-outs would be tracked, and whether the information would be public; the sponsor and witness said participation would be tracked and the training/evaluation would be available through the organization. The committee approved HB 246 with favorable expression to pass on the House floor. The committee then considered House Bill 613, which would give Chapter 75 fire districts a process to seek a tax increase above the current 10-cent cap through public hearings and voter recall, while preserving local control. The sponsor and fire service representatives said the bill responds to modern fire district costs, including higher equipment prices, staffing shortages, declining volunteer numbers, and the shift to all-hazards service. They emphasized that any increase would be subject to notice, public comment, and a voter recall mechanism, and said the cap would remain in place unless the district used the new process. Members questioned the fiscal impact language, the meaning of the cap, and whether the bill effectively removed the cap; the sponsor clarified that the cap stays but districts could go up to two cents above it through the process, with voters able to recall the increase. One member passed on the vote due to concern about the indeterminable fiscal impact, but the committee still reported HB 613 favorably to the House floor. The meeting then adjourned.

Transcript Highlights:

• But the cap is really the average commercial rate.
• The caps on was at 110%.
• That cap is expected to Medicare. Follow up. >> Yeah, so I guess yes.
• And that's the cap as in the access allowable.
• We were happy to see that the volume of deny claims from this.

Transcript Highlights:

• It is not a cap.
• I would argue to say it's not a hard cap.
• For the multiple high-volume water wells.
• So that's a terrifying amount of volume.
• On a cap, we've heard that many times today.

Keywords: 1184, house, all

Transcript Highlights:

• She said sections 5, 7, and 8 relate to a federal limit referred to as the volume cap.
• The volume cap is the federal limit on...
• <01:33:01.840> cap<01:33:02.840> the limit referred to as the volume cap the limit
• referred to as the volume cap the volume<01:33:03.440> cap<01:33:03.760> is<01:33:03.920
• Section 5 clarifies an existing cross-reference to this volume cap.

Keywords: 1183, house

Transcript Highlights:

• Garry relative to notification of alcohol by volume in beers to be consumed on the premises, to the Committee
• Next, the bill expands and provides an exemption to the cap for trustees of employee-owned businesses
• We are also increasing the marijuana establishment license cap, allowing licensees to hold up to six
• This provides greater opportunity for growth and market participation, and crucially, the license cap
• As filed, the underlying language bans all hemp-derived beverages that are 11 ounces or less in volume

Keywords: 995, all

Summary: The House opened with the Pledge of Allegiance and welcomed students from the Frederick C. Murphy School in Weymouth, along with other guests introduced by members. The chamber then suspended Joint Rule 12 to allow several petitions to be referred, including proposals on alcohol labeling for beers consumed on premises, parity in funding for regional vocational and traditional public schools, and legal protections for victims of childhood sexual abuse. The main floor business was House No. 4187, An Act Modernizing the Commonwealth’s Cannabis Laws, reported by Ways and Means as a substitute bill. Members speaking in support described it as a comprehensive overhaul of the Cannabis Control Commission and the state’s cannabis and hemp regulatory framework. The bill would reduce and restructure the CCC, expand options for cannabis businesses and social equity operators, raise license and ownership caps, remove the vertical integration requirement for medical marijuana, and create stronger rules for hemp and CBD products, including a ban on unregulated intoxicating hemp products and a new regulatory structure for allowable hemp beverages and CBD items. Several amendments were offered and adopted by roll call, including changes narrowing the hemp beverage ban from 11 ounces to 7.5 ounces, requiring out-of-state testing labs to be certified in good standing with the commission, and other technical revisions. After debate, the House passed H. 4187 to be engrossed by a roll call vote of 153-0. The chamber also passed to be engrossed two sick leave bank bills, for Andrew Satara and Dana Johnson, and ordered House No. 1590, establishing a sick leave bank for Eric J. Wenaka, to a third reading. The House then adopted an order to meet the next day at 11 a.m. and adjourned.

Transcript Highlights:

• Development Corporation to secure a line of credit or other instrument of indebtedness for the bond volume
• cap recycling program.
• <00:05:32.600> cap indebtedness for the bond volume cap indebtedness for the bond volume cap
• Angela Melody Young, Roar Cares, testifying in strongest support of HHFDC's bond volume cap recycling
• Angela Melody Young from Roar Cares testifying in strongest support of HHFDC's bond volume cap recycling

Keywords: 912, senate, all

Summary: The Committee on Housing heard testimony on several housing-related measures. Senate Bill 65 would appropriate funds to the Hawaii Public Housing Authority for rehabilitation and repair of public housing units. Testifiers from the Department of Human Services, HPHA, Catholic Charities Hawaii, and Roar Cares supported the bill, emphasizing that repairing vacant units is a fast, cost-effective way to increase available housing for homeless and elderly residents. HPHA later told the committee it had 139 vacant units, with an estimated average repair cost of about $73,000 per unit. In decision-making, the committee recommended passage of SB 65 with amendments, including an appropriation of $10,147,000, and the motion passed. The committee also considered Senate Bill 40, which would allow HHFDC to secure a line of credit or other indebtedness for the bond volume cap recycling program. HHFDC supported the measure and explained that Act 35 had provided a $150 million line of credit for fiscal year 2025 only, so this bill would extend that authority; HHFDC said the bonds involved would be revenue bonds. Roar Cares supported the bill, while the chair asked whether the Legislature would need to pass such a bill annually. In decision-making, the committee recommended passage with amendments to specify revenue bonds and noted the administration should study other ways to secure the line of credit without annual legislation. For Senate Bill 35, which would create a Housing Efficiency and Innovation subaccount within the rental housing revolving fund and allow fund transfers without legislative approval, HHFDC and several others supported the measure, arguing that more flexible fund movement would improve efficiency. The committee adopted a recommendation to pass SB 35 with amendments, including language prioritizing projects on state or county land or projects by entities required to reinvest surplus into housing, and noting nonprofit developers could qualify for prioritization. Senate Bill 42, which would repeal certain 30% AMI set-aside and preference requirements for rental housing revolving fund projects, drew opposition from Catholic Charities Hawaii, which argued the bill would reduce the supply of the most vulnerable housing units, while HHFDC warned it could reduce production of 30% AMI units. The committee deferred SB 42. The final bill discussed was Senate Bill 75, which would establish a working group to revise the state’s qualified allocation plan and related rental housing revolving fund loan terms and report back to the Legislature. HHFDC and others offered comments, while Catholic Charities asked that the bill be deferred, saying HHFDC already had the capacity to work with the community without a new law. Roar Cares supported the concept but urged broader stakeholder inclusion. In decision-making, the chair said the committee report would note concerns about prior QAP revisions and the need for more transparent, ongoing stakeholder participation, and the committee recommended passage of SB 75 without amendments. All recommendations were adopted, and the hearing adjourned.

Transcript Highlights:

• the caps are one method to do that. the caps are one method to do that.
• changing any kind of cap or anything. changing any kind of cap or anything.
• WIF cap to $10 million. WIF cap to $10 million.
• the 5 million dollar cap? the 5 million dollar cap?
• less cases, but we do higher volume. less cases, but we do higher volume.

Keywords: 1187, senate, all

Transcript Highlights:

• And let me be clear: South Coast AQMD is not and will not impose a cap on cargo throughput.
• South Coast AQMD is not and will not impose a cap on cargo throughput.
• China in particular, where I think over 70% of the cargo volume comes from.
• Impose a cap on cargo throughput at the ports directly or indirectly. Now that's new.
• This bill also allows significant volumes of food waste and unregulated small sites.

Summary: The committee first heard SB 14, which would direct state agencies to reduce single-use plastics and improve waste diversion at state facilities by updating integrated waste management plans, increasing reusable foodware use, reducing paper purchasing, and requiring better employee education and recycling/composting practices. Supporters from the California Compost Coalition, Republic Services, Waste Management, and others said the bill would help build composting and recycling markets and let the state lead by example. Several groups that had opposed earlier versions said they were now neutral after amendments, including the removal of a 90% requirement. The bill was moved out on a due pass as amended recommendation. The committee then took up SB 326 on wildfire mitigation. The bill would create a framework for Cal Fire to evaluate the risk-reduction benefits of fuels management and landscape resilience investments, and it would accelerate implementation of Zone Zero defensible-space standards, including grants for local enforcement and broader application to rental and sale properties and post-fire reconstruction. Support came from Stanford climate researcher Michael Mastrandrea and several local government, insurance, and climate groups. With no opposition, the bill passed as amended to Appropriations. Next, SB 34 on port emissions and the South Coast Air Quality Management District drew extensive testimony. The author said the bill was narrowed by committee amendments to preserve the ports’ ability to reduce emissions while preventing cargo throughput caps and addressing concerns about automation, local control, and the timeline for port clean-air planning. Supporters included ILWU, business groups, and port-related stakeholders, while the South Coast AQMD and many environmental and community organizations opposed it, arguing it would weaken public-health protections and set a bad precedent. After lengthy debate, the committee approved the bill on a due pass as amended vote to Transportation, with some members voting no and others abstaining. The committee also heard SB 279, which would expand composting options for farmers and small community composters by allowing limited on-farm composting after large biomass events and increasing the amount small operations may process and sell. Supporters said the bill would help address agricultural waste, expand composting capacity, and reduce landfill disposal. Commercial composting representatives opposed it, warning that the bill could create regulatory inequities, strand recent investments in permitted facilities, and allow too much unregulated food waste. Despite those concerns, the bill passed to Appropriations on a due pass vote. The transcript also briefly referenced SB 613 on upstream methane emissions data, described as having no opposition and intended to improve tracking of imported oil and gas emissions.

Transcript Highlights:

• There was a cap of 50% on accessory dwelling units. There was also a cap on co-living units.
• There was also a cap on co-living. of 50% on accessory dwelling units.
• There was also a cap on co-living units.
• So if you don't have a high permit volume, it's not going to work for you.
• There are some really high-volume jurisdictions that did pretty well; other high-volume jurisdictions

Summary: The Senate Housing Committee heard presentations on a range of housing finance, permitting, and affordability tools. Chattanooga described its affordable housing PILOT program, which uses a per-unit property tax abatement tied to the rent loss from providing affordable units, with a 15-year term and annual compliance monitoring. Committee members asked about the program’s structure, whether it had been used elsewhere, and who was participating; the presenter said the first mixed-income project would bring 278 units with 42 affordable units and that the model was attracting private market-rate developers. Shoreline then described its MFTE and inclusionary zoning approach, emphasizing that longer tax exemption periods and station-area zoning changes had helped spur development, with most current pipeline projects concentrated near light rail stations. The committee also heard from the Municipal Research Services Center and the Department of Commerce on tax increment financing, proportional impact fees, and permit timelines. Commerce explained that TIF can fund public improvements such as roads, utilities, broadband, and some affordable housing or child care facilities, while proportional impact fee guidance is intended to help jurisdictions charge fees more closely aligned with actual project impacts. On permit timelines, Commerce presented its first annual report under recent law changes, using 2024 as a baseline year and noting that reported timelines were generally longer than statutory goals; members asked about outliers, paper versus electronic processing, and whether back-and-forth between applicants and staff was driving delays. Commerce said it would follow up with more data, including on CHIP funding and permit reform practices. Several local governments then shared permitting process improvements. Auburn reported relatively short review cycles and described its move to fully electronic permitting, internal performance standards, and a stock plan program that speeds review for repeated home designs. Bellevue described an AI permitting pilot with a local startup to help with pre-application questions, document triage, and plan review, aiming to reduce incomplete applications and revision cycles. Seattle presented a pilot for accessory dwelling unit co-development in which a mission-driven partner would help homeowners split lots, finance, build, and manage ADUs, with the homeowner eventually buying out the partner and retaining ownership; committee members asked about rent setting, management fees, and default risk, and staff said they would follow up. The committee also heard brief overviews of community land trusts and limited equity cooperatives as permanent affordability models, with presenters urging continued state and local funding support and policy recognition for these approaches.

Transcript Highlights:

• The traffic volume at that location is about 170,000 cars a day.
• So again, it That volume adds up quickly, and we've got to have an infrastructure that's fully prepared
• two dozen of them around the state, primarily in the metropolitan areas, that are the big, large volume
• Again, turnpikes are really good at moving high volumes of people.
• Because that's where your high volumes come from.

Keywords: 914, all

Transcript Highlights:

• And I think that there is ample room for disagreement over what the cap should be.
• Let's talk about what appropriation would be necessary to cover a different cap.
• We requested enough appropriation to support a $1,000 cap.
• We requested enough appropriation to support a $1,000 cap.
• For the dental cap? So now with the 1,000, what are you anticipating saving?

Keywords: 995, all

Summary: The Joint Committee on Ways and Means held a Health and Human Services budget hearing in Clinton, with opening remarks from Chairs Meg Kilcoyne and Robin Kennedy, local officials, and many House and Senate members introducing themselves. The hearing focused on Governor Healey’s FY27 EOHHS and MassHealth budgets, with repeated themes of rising health care costs, federal funding uncertainty, workforce shortages, and access to care in underserved regions. Members also raised concerns about primary care shortages, rural and regional disparities, behavioral health access, maternal health, food insecurity, and the impact of federal policy changes on Massachusetts programs. EOHHS Secretary Kiame Mahaniah said the FY27 EOHHS budget totals $33.7 billion, reflecting mostly non-discretionary growth from health care costs, labor costs, caseload increases, and provider rate pressures. He highlighted targeted investments in foster care, family resource centers, maternal health, youth services, nutrition programs, immigrant legal services, and human service workforce rates, while warning that federal actions could strip roughly $3.5 billion annually from the state’s health care funding. In response to questions, he defended the administration’s cooperation with federal audits and program integrity efforts, discussed the primary care crisis, and said the state is trying to preserve core services while preparing for a more difficult FY28 budget cycle. MassHealth Undersecretary Mike Levine then described two major FY27 challenges: double-digit cost growth and the expected effects of the federal One Big Beautiful Bill Act. He said MassHealth’s proposed $22.7 billion gross budget includes a 7.5% increase and relies on a moratorium on new expansions plus targeted reductions, including a $1,000 annual adult dental cap, ending GLP-1 coverage for weight loss only, reducing care management to peer-state levels, and work groups to slow growth in PCA, adult foster care, and adult day health spending. Members questioned the impact on Boston Health Care for the Homeless, preventive care, and regional access; Levine said the changes are meant to preserve sustainability, that children and certain disabled populations remain protected, and that the administration will continue working with providers, advocates, and the Legislature on implementation and longer-term reforms.

Transcript Highlights:

• Thank you. in this committee about the fires in Roswell and the Hermits Peak Fire and the Cap Canyon
• We're just updating the fee caps for specific regulations under NMDA. Excuse me.
• In some instances, fee caps have not been addressed in 50 or more years.
• Proposed caps are based on an estimated future 20-year operating period, and fees are caps of similar
• So this bill really just raises the caps. It does not necessarily raise the fees.

Bills: SB47, SB110, SB122, SB143, SB168

Keywords: food recovery, composting, waste management, solid waste surcharge, organic waste reduction, environment, grants, advisory group, bosque management, Rio Grande, environmental protection, water resources, fiscal appropriation, drinking water, well owners, water testing, water treatment, public health, agriculture, New Mexico Department of Agriculture

Transcript Highlights:

• It has a 16.5% ABV, alcohol by volume. you, you can get this in a convenience store. Okay? This...
• Pineapple. and coconut, 16% alcohol by volume. This is a malt-based.
• And last. but not least You have this buzz ball red good color wine-based, 15% alcohol by volume.
• Spirit-based RT. 4.5% alcohol by volume, so a third of these. a third of these.
• We're talking about items that have less alcohol by volume than many beers.

Bills: HB679, HB1764, HB1788, HB2186, HB2204, HB2418, HB2885, HB2983, HB2996, HB3250, HB3352, HB3756, HB3816, HB3913, HB3928, HB4077

Keywords: environment, regulation, land use, public health, community development, alcohol, Sunday sales, local option election, Texas, business hours, alcohol sales, liquor, off-premise consumption, alcoholic beverages, CPA, Certified Public Accountant, licensing, accountancy, state regulation, continuing education

Transcript Highlights:

• Basically, we've capped the capital gains deduction on passive income like an investment.
• And then the price declines on the revenues that are not capped.
• You could certainly decide to create caps like you have with oil and gas.
• not subject to the cap.
• During this session, the first document is called, and we'll refer to it as Volume One.

Transcript Highlights:

• I share Representative Van Binsbergen's concerns of just sheer volume.
• They're low-margin, high-volume.
• They tend to be a higher-margin and low-volume business model.
• They tend to be a higher-margin and low-volume business model.
• <01:41:59.159> on collected second the 25% cap on collected second the 25% cap on Geographic

Bills: HF2228, HF46, HF856, HF2149, HF2215

Keywords: homeowners insurance, property insurance, commercial property insurance, insurance affordability, insurance market stabilization, reinsurance, catastrophic reinsurance fund, self-insured pool, premium costs, coverage notice, liability reform, climate risk, climate change, housing affordability, multifamily housing, rental housing, common interest communities, cooperatives, small business insurance, Minnesota Commerce Department

Transcript Highlights:

• So I think that does speak volumes. Most importantly, with the access to care issue... ...volumes.
• We have a three-person cap.
• In an internal poll conducted by CAP, we found that 62% of Arizonans do not support taxpayer dollars
• In an internal poll conducted by CAP, we found that 62% of Arizonans do not support taxpayer dollars
• At least 90 days before terminating a contract with a high-volume service provider without cause, the

Bills: SB1014, SB1094, SB1146, SB1177, SB1192, SB1194, SB1214, SB1372, SB1390, SB1398, SB1399, SB1494, SB1557, SB1561, SB1564, SB1602, SB1603, SB1621, SB1628, SB1629, SB1713, SB1752, SB1776, SB1813, SB1814, SB1821

Keywords: gender transition, gender detransition, health insurance, medical procedures, insurance claims, official documents, Arizona law, gender reassignment, civil liability, minors, medical consent, detransition, dependent children, foster care, periodic review, court hearings, child welfare, public funds, prohibition, Arizona legislation

Summary: The committee heard and acted on several health-related bills, with the longest discussion centered on SB 1214, the Arizona Stem Cell Therapy Act. The bill would regulate stem cell and birth tissue therapies, bar use of tissues derived from aborted fetuses or embryos, require informed consent and disclosure for non-FDA-approved therapies, and create civil and criminal penalties for violations. Supporters framed it as a patient-safety and bioscience-innovation measure, while opponents objected to the abortion-related language and felony penalties. The committee approved SB 1214 on a 4-3 vote. The committee also advanced SB 1194, which would prohibit health professionals and institutions from denying care or reducing care quality based on vaccination status, and SB 1814, which creates a study committee on substance use disorder treatment standards and oversight. SB 1602, increasing monthly stipends for kinship foster care parents, and SB 1603, expanding child-only cash assistance eligibility for certain foster and relative placements, were both amended and passed unanimously. SB 1177, barring public funds from being used for gender transition procedures, and SB 1014, requiring insurance coverage for detransition care and related reporting, both drew strong support and opposition and were each approved on 4-3 votes. Later, the committee unanimously passed SB 1628, requiring insurers and health plans to report claims-denial and prior-authorization data to DIFI for public reporting, and SB 1629, requiring AHCCCS managed care organizations to give advance notice and network-adequacy documentation before terminating high-volume providers without cause. Supporters of both bills emphasized transparency and patient access, while opponents argued the measures duplicated existing federal or state oversight. The committee then heard SB 1752, which would criminalize commercial harvesting or sale of mescaline while preserving a religious-use defense; the sponsor said it was intended to address improper sales of peyote-derived substances, but no final action on that bill was taken in the portion provided.

Transcript Highlights:

• Class 18 is codified under HRS, uh, cap.
• And that put a cap up to 60,000 barrels.
• A 16% cap goes to a 330% increase, while a 15% cap only goes up 250%.
• A 16% cap goes to a 330% increase, while a 15% cap only goes up 250%.
• of $6,000. there's a $600 cap um for the subsidy there's a $600 cap um for the subsidy and<01:03:24.319

Bills: HB1991, HB1776, HB1897, HB1900

Keywords: liquor tax, alcohol, inflation adjustment, small craft breweries, public health, tenant rights, housing stability, landlord-tenant code, eviction prevention, multilingual resources, condominium, dispute resolution, mediation, arbitration, attorneys' fees, common expenses, construction defects, building code, statute of repose, statute of limitations

Summary: The committee heard testimony on HB 1991, which would change Hawaii’s liquor excise tax structure to an ABV-based system. The Department of Taxation and the Tax Foundation of Hawaii took no position and stood on written comments. Supporters, including the Hawaii Public Health Institute and an individual testifier who described surviving a drunk-driving crash, argued that higher alcohol taxes reduce alcohol-related harms, save lives, and generate additional state revenue. The public health witness cited alcohol-related harms as a major preventable cause of death and said the tax increase would have only a small annual cost for most consumers. Most industry testimony was in opposition. Representatives of Lanikai Brewing Company, Maui Brewing Company, the Wine Institute, and the Hawaii Food Industry Association said the bill would sharply raise taxes on beer and wine, squeeze already thin margins, and threaten local jobs and businesses. They argued Hawaii producers already face high costs for labor, energy, shipping, and compliance, and said an ABV-based tax would be difficult to administer, would require additional testing and labeling work, and could reduce consumer choice. Several industry witnesses urged lawmakers to instead adopt a small-producer or class 18 carveout, with one suggesting a cap tied to 60,000 barrels. Committee members questioned the brewers about alcohol content testing, labeling, and whether smaller producers already measure ABV. Witnesses said many local producers do not certify ABV for in-state sales, that yeast and fermentation can vary by batch, and that an ABV-based system could require more testing than current practice. No vote or final action on the bill was taken during the portion of the meeting provided.

Transcript Highlights:

• they are also writing a a larger volume they are also writing a a larger volume uh<00:35:27.520>
• <00:41:18.800> that simply just have so much volume that simply just have so much volume that
• Uh because that's the highest volume.
• And this arbitrary cap, it hinders clinical dosing.
• It's cap, it hinders clinical dosing.

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:20 Approval of June 4, 2026 Minutes 00:03:09 Prioritizing Kentucky Agriculture: Medical Cannabis 00:03:38 Prioritizing Kentucky Agriculture: Bourbon 01:41:03, 958, all

Transcript Highlights:

• the floodgates for a larger number of claims, but the fact of the matter is that if we don't have caps
• So, the type of claims that actually reach the cap are very, very rare.
• and we don't have um impending have caps and we don't have um impending um<00:22:17.240> penalties
• reach the cap are very, very rare rare. reach the cap are very, very rare rare.
• We have this information and the volume We have this information and the volume of<01:01:57.400>

Keywords: 1191, senate, all

Transcript Highlights:

• <00:31:04.080> of these are these are large volumes of these are these are large volumes of
• is able to use any major asset large cap is able to use any major asset large cap asset<00:31:38.720
• And this means transactional volumes.
• We call them the large caps. I used to call them the majors, but they're referred to as large caps.
• is a real technology with real volumes is a real technology with real volumes and<00:52:49.680><

Keywords: 1189, house, all

Summary: The commission met with a quorum, approved the agenda, and approved the November 12 minutes after a motion, second, and unanimous voice/online consent. The chair said the meeting would include two presentations—one from Noah Herman of Fortress Global and one from John Kicko and team from Hedera—followed by discussion of the commission’s next steps and public comment. The chair also noted he was still seeking a clerk for note-taking. Herman’s presentation focused on stablecoins, blockchain use cases, and operational considerations for states and other institutions. He described Fortress as an enterprise crypto-wallet and treasury platform serving corporates, governments, and nonprofits, and used examples such as Save the Children and a large global commodities firm to illustrate custody and treasury management on blockchain rails. He said stablecoins are designed to maintain a U.S. dollar peg, are increasingly backed by treasuries and subject to greater transparency, and are being adopted by major firms and payment companies because they can improve speed, reduce cost, and simplify payments. He also highlighted market growth, including claims that stablecoins now represent a significant share of on-chain activity and are a major holder of U.S. Treasuries. He identified custody as a key issue for state and institutional use, outlining qualified custody, managed custody, and self-custody models. He said the main practical challenge for the commodities client was moving funds safely and quickly across global time zones and that blockchain rails could solve problems that traditional banking rails could not. He framed the broader trend as one of accelerating institutional adoption, citing recent acquisitions and product launches by Visa, Stripe, Citi, and PayPal as evidence that stablecoin infrastructure is becoming mainstream.