Video & Transcript Research : 'intangible assets'
Page 14 of 229
MN
Transcript Highlights:
- not the underlying asset value. not the underlying asset value.
- liquid assets on the value of both hard and liquid assets.
- <01:09:08.839>
of asset classes that the liquid assets of asset classes that the liquid assets - One of those assets is land and minerals assets.
- 2.3 is in a financial asset. 2.3 is in a financial asset.
KY
Kentucky 2025 Regular Session
Public Pension Oversight Board (10-21-25)
Transcript Highlights:
- It's called asset smoothing.
- So when the called asset smoothing.
- varying levels of uh alternative asset varying levels of uh alternative asset classes.<00:18:56.320
- alternative asset classes. alternative asset classes.
- fees would go up based upon uh the asset fees would go up based upon uh the asset values. values
Keywords:
Meeting Start: 00:00
Attendance Roll Call: 01:02
Approval of Minutes: 02:03
Annual Investment Review: 04:10
Adjournment: 37:34, 958, all
Summary:
The committee met with a quorum, approved the prior meeting minutes, welcomed new staff member Sean Parks, and announced that it would not meet in November. The next meeting was scheduled for December 8 at 10:00 a.m., with the chair noting that pension bills would be heard then and emphasizing that all pension bills must go through the full process and include actuarial analysis.
Brad Gross of the Public Pension Oversight Board presented a detailed review of Kentucky retirement systems’ investments and funding. He said fiscal year 2025 ended with about $50.5 billion in pension assets and $12.52 billion in retiree health assets, both up from the prior year. He reported strong investment performance across the systems, with all Kentucky public pension funds exceeding their policy benchmarks and the median peer return of 10.4%. He also discussed long-term return trends, asset allocation differences among the systems, fee levels, and cash flow, noting that cash flow remains a key monitoring issue and that supplemental appropriations have improved the cash position of some funds, especially the Kentucky State Police and TRS systems.
Gross also explained that assumed rates of return have generally fallen over time, which increases unfunded liabilities and required contributions, and said the systems’ current assumptions range from 5.25% to 7.1%. He noted that the committee’s materials included peer comparisons and historical charts, and that all asset classes were within target ranges. In response to a question from Senator Funky From, Gross was asked about pension spiking and whether supplemental general fund contributions could create a false sense of security in cash flow analysis; the question was raised but not resolved in the portion of the transcript provided.
MO
Missouri 2026 Regular Session
Joint Committee on Public Employee Retirement Apr 28th, 2026
Joint Committee on Public Employee Retirement
Transcript Highlights:
- MOSERS uses what's called asset smoothing.
- So we can start on page 20, which is asset allocation.
- Not only assets, but also liabilities.
- Right now, 7% is about... ...across asset classes.
- Right now, 7% is about, across asset classes.
Summary:
The Joint Committee on Public Employee Retirement held a hearing focused on the Missouri State Employees’ Retirement System (MOSERS) and its long-term financial condition. MOSERS Executive Director Abby Spieler and investment consultant Tim McKinery outlined the system’s structure, membership, funding policy, and investment approach. They reported that as of the June 30, 2025 valuation, MOSERS had a 55.4% funded ratio, about $17.4 billion in liabilities, and about $9.6 billion in assets. They explained that the FY27 employer contribution rate was certified at 32% under the board’s minimum contribution policy, up from 30.25%, and said the increase is tied to a $46 million new decision item in House Bill 5.
The presentation emphasized that MOSERS is a mature plan with more retirees and inactive members than active employees, and that slow or declining payroll growth has made it harder to pay down unfunded liabilities. MOSERS described recent policy changes intended to improve long-term stability, including lowering the investment return assumption over time, updating mortality assumptions, and adopting a minimum employer contribution policy. The board’s 2024 asset-liability study also led to a shift toward more public equity exposure and less fixed income, with the consultant saying asset allocation has been the main driver of relative investment underperformance versus peers in recent years, though recent returns have improved and the portfolio has outperformed its policy index over shorter periods.
Committee members questioned why the funded ratio has fallen over time, whether past investment assumptions were too optimistic, and whether the board had been too conservative in its asset allocation. MOSERS representatives responded that the earlier strategy was a board-approved risk-balanced approach and that hindsight makes the results easier to judge, while stressing that current changes are intended to improve long-term outcomes. Members also asked about the impact of inactive members, the automatic refund proposal for small terminated accounts, and the ongoing Catalyst Capital litigation. MOSERS said the proposed legislation would automatically refund small inactive balances and auto-escalate deferred compensation contributions, and reported that litigation-related attorney fees have been about $20 million so far. No votes were taken, and the committee adjourned after questions and discussion.
MO
Missouri 2026 Regular Session
Joint Committee on Public Employee Retirement Apr 28th, 2026 at 08:30 am
Joint Committee on Public Employee Retirement
Transcript Highlights:
- MOSERS uses what's called asset smoothing.
- So we can start on page 20, which is asset allocation.
- So we can start on page 20, which is asset allocation.
- To asset allocation for a public pension fund.
- Yeah, so from an investment perspective, asset allocation decisions, so the board-approved asset allocation
Summary:
The Joint Committee on Public Employee Retirement held a hearing focused on the Missouri State Employees’ Retirement System (MOSERS) and its long-term financial condition. MOSERS staff and its investment consultant reviewed the system’s structure, membership, funding policy, and investment approach. They reported a June 30, 2025 funded ratio of 55.4%, with about $17.4 billion in liabilities and $9.6 billion in assets, and explained that the board certified a 32% employer contribution rate under its minimum contribution policy, up from 30.25%, which will increase state appropriations. They also described the system as mature, with more retirees and inactive members than active employees, and said declining payroll growth has made it harder to improve funding.
The presentation emphasized that recent board actions were intended to strengthen the plan over the long term, even though they increased near-term costs. Those changes included lowering the assumed investment return over time to 6.95%, updating mortality assumptions, moving from an open to a closed amortization schedule, and adopting a minimum employer contribution policy. The investment consultant said MOSERS historically used a more risk-balanced asset allocation than many peers, which helped explain weaker relative returns during a long period when public equities outperformed; the board has since shifted toward a more equity-oriented allocation. He said recent performance has improved, with the portfolio outperforming its policy index and ranking better against peers in the short term, though longer-term peer performance remains a concern.
Committee members questioned why the funded ratio had declined over roughly 20 years and whether past investment and actuarial assumptions were too optimistic or too conservative. MOSERS officials responded that the current board is trying to correct earlier decisions and that the present strategy is more in line with industry practice. Members also discussed a proposed MOSERS bill package that would automatically refund small balances to terminated non-vested members and increase deferred compensation auto-escalation, with officials saying the refund provision would improve efficiency and return small balances sooner. The committee also briefly discussed ongoing litigation involving Catalyst Capital; MOSERS said attorney fees have been about $20 million so far, the case remains on appeal, and the damages amount is sealed. No formal votes were taken, and the committee adjourned after questions and discussion.
WA
Transcript Highlights:
- Market value of assets—that's what the assets are actually worth in the market on the valuation date.
- There is no asset smoothing in this plan, so there's no smoothed assets.
- Market value of assets, that's what the assets are actually worth in the market on the valuation date
- There is no asset smoothing in this plan, so there's no smoothed assets.
- asset smoothing, one thing to note is that while asset smoothing spreads out the impacts of investment
Summary:
The Pension Funding Council met on June 23, 2026, for a work session that began with an overview of the Higher Education Supplemental Retirement Plan (SRP) and a 2025 accounting valuation of that plan. Staff explained that the SRP is a closed defined benefit supplement for higher education employees hired before the 2011 closure, with employer contributions currently pre-funding benefits in institution-specific trusts while institutions still pay benefits on a pay-as-you-go basis. The State Actuary’s office reported that the plan’s accounting position has improved, with combined market assets of about $245 million against $377 million in accrued liability, and that strong market performance since 2022 has increased the asset-to-liability ratio. The office emphasized that this was an educational accounting valuation, not a funding valuation for rate-setting.
The council then received the 2025 actuarial valuation report for the state retirement systems. Actuaries reviewed the recent demographic experience study, noting updated assumptions for mortality, retirement, termination, and salary growth, and said the net impact on most plans was small. They reported that most plans’ funded ratios improved, with all plans at least 94% funded and several at or above 100%, and that contribution rates for the 2027–2029 biennium are generally lower than current rates. They also noted that future rates could be affected by market volatility as deferred gains are recognized over the next few years. During public comment, a representative of the Association of Washington Cities urged the council to consider rate reductions to help local governments facing budget pressures.
In executive session, the council first approved a motion directing the Office of the State Actuary to perform an actuarial evaluation and analysis of each institution’s Higher Education Supplemental Retirement Plan, including institution-specific contribution rates, asset sufficiency, and funding policy options, due by July 1, 2028. The council then adopted the 2027–2029 pension contribution rates based on the 2025 actuarial valuation report. Both motions passed 5-0, with one member excused. The meeting concluded with no further business.
MN
Transcript Highlights:
- and asset preservation appropriations. and asset preservation appropriations.
- <00:09:39.839>
preservation eligible to receive asset preservation eligible to receive asset - c><00:10:12.560>
and Following asset preservation, water and Following asset preservation, water - through an overview of the annual asset through an overview of the annual asset preservation<00:
- assets?
MN
Minnesota 2025-2026 Regular Session
Custodial accounts for virtual currency 3/3/26
Minnesota House Floor Meeting
Transcript Highlights:
- safety deposit box for digital assets. safety deposit box for digital assets.
- And with these exchanges, assets.
- Um, the only other way for a asset.
- or ownership of those assets. or ownership of those assets.
- Gox, you just lose that asset. It's very hard legally to recover any sort of asset.
Summary:
The committee heard testimony on House File 3709, which would allow Minnesota banks and credit unions to offer custodial accounts for digital assets such as cryptocurrency. The bill authors said the measure is intended to let local financial institutions provide a regulated “digital safety deposit box” service, keeping innovation and consumer choice under Minnesota oversight rather than pushing customers to out-of-state or offshore providers. The Department of Commerce testified in support, saying it appreciates efforts to incorporate virtual currency into the regulatory framework and that the bill levels the playing field for trusted community institutions.
Members and testifiers discussed whether the bill was really about consumer protection, institutional competitiveness, or both. Supporters from the Minnesota Credit Union Network and St. Cloud Financial Credit Union said the bill helps local institutions remain relevant as customers increasingly ask for crypto services, and one testifier said the credit union had seen significant liquidity leave local communities for exchanges. They also emphasized that the accounts are custodial, not exchange services, and are not NCUA-insured; one witness noted some institutions may obtain private insurance for risks like loss of keys or hacking. A Department of Commerce witness also said the agency is working on separate legislation to address unclaimed virtual currency property.
Several members raised concerns about volatility, scams, and whether the bill simply helps banks stay relevant. In response, supporters argued that local institutions can provide a trusted point of contact and help customers avoid fraud, unlike stand-alone crypto exchanges or kiosks. The committee also discussed fees, with one witness saying the credit union’s expected charge would be percentage-based with a minimum of $5 and a maximum of $25. No vote or final action was taken in the portion provided.
TX
Texas 89th Regular
Pensions, Investments & Financial Services Apr 7th, 2025
Pensions, Investments & Financial Services
Transcript Highlights:
- What is a digital asset service provider?
- Those digital assets as well.
- You can use your digital assets... funds or the digital assets you have in your account on that exchange
- that facilitates the trading of digital assets.
- For example, in the divorce, a court can award assets. ...has to award assets in order to allow her to
Keywords:
HB 3803, Texas Health and Safety Code, Chapter 712, perpetual care cemetery, perpetual care trust fund, cemetery regulation, financial confidentiality, confidential records, regulatory examination, Texas Department of Banking, commissioner disclosure, interagency information sharing, state agency enforcement, federal agency disclosure, trust fund oversight, burial services, cemetery trust, consumer protection, state banks, Texas Finance Code
NH
New Hampshire 2025 Regular Session
House Ways and Means (04/01/2025)
Transcript Highlights:
- There's secure assets, which is government-backed assets, and there's non-government-backed assets.
- in risk assets?
- When you say risk assets in risk assets?
- No risk assets. I mean high high risk. No risk assets.
- know old and new asset classes. know old and new asset classes.
Summary:
The committee held a work session on HB 302, which would add precious metals and digital assets as potential investment options. State Treasurer Monica Misipelli said she took no position on the bill and did not see an immediate fiscal impact or operational problem, but explained that the state’s operating funds and rainy day fund require liquidity and stability, so they would not be suitable for volatile assets like precious metals or digital assets. She said the only funds that might potentially use such investments would be certain trust funds held in perpetuity, which are managed by an outside investment advisor under a contract and investment policy.
Members asked about the treasurer’s current investment practices, including the types of funds managed, the role and discretion of the investment advisor, the state’s risk profile, and whether the bill would affect existing authority. Misipelli said the office follows RSA 11 and related statutes, with different objectives ranging from conservative to aggressive depending on the fund, and that the advisor meets with the office regularly, with formal performance reviews on a quarterly basis. She also said the office recently centralized management of about 40 trust accounts totaling roughly $60 million into five combined portfolios under a five-year contract with an RFP-selected vendor. When asked whether precious metals or digital assets are already indirectly available through mutual funds, she said that was possible for some mutual funds, but she was not certain about digital assets.
Representative Ammon, the bill’s sponsor, said similar legislation had passed the Oklahoma House, the Texas House and Senate, and had advanced in Arizona. He argued the bill was intended to give the treasurer more tools to help balance portfolios and hedge inflation, noting concerns about federal debt and inflation. No vote was taken in the excerpt, and the chair ended the questioning after thanking the treasurer and asking her to remain available in case further questions arose.
NH
New Hampshire 2025 Regular Session
Commission to Study Stable Tokens (12/10/2025)
Transcript Highlights:
- PY PYUSD um as its own um asset base. PY PYUSD um as its own um asset base.
- These are not risk-free assets.
- controls of all these different assets. controls of all these different assets.
- assets at some point. assets at some point.
- to track that asset around. to track that asset around.
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.
CA
California 2025-2026 Regular Session
Assembly Budget Subcommittee No. 1 on Health May 19th, 2025
Transcript Highlights:
- It seems like we've gone from a very flexible asset test to a very, very stringent back to the 2022 asset
- We have not modeled a different asset test.
- It seems like we've gone from a very flexible asset test to a very, very stringent back to the 2022 asset
- the asset tax again, or test?
- to METAL and reinstate the assets If you make cuts to medical and reinstate the asset tests, it will
Summary:
The Assembly Budget Subcommittee on Health held the first of several hearings on the Governor’s May Revision for health care, with opening remarks focused on the state’s projected $12 billion deficit, looming federal Medicaid changes, and the potential impact on Medi-Cal, public health, reproductive health, and safety-net providers. Several members criticized the proposal as balancing the budget on vulnerable Californians, while others defended the need for cost containment and questioned the administration’s assumptions. The chair set ground rules for respectful, focused questioning and outlined three topics: the Medi-Cal proposals, Proposition 35, and Proposition 56.
DHCS Director Michelle Baas presented the May Revision’s Medi-Cal package, saying the department’s budget totals $200.6 billion overall, including $45.2 billion General Fund, and that the proposals are intended to address rising caseloads, pharmacy costs, and managed care spending. She described proposed changes for adults with unsatisfactory immigration status, including a freeze on new full-scope enrollment for those 19 and older, $100 monthly premiums beginning in 2027, elimination of adult dental and long-term care coverage, removal of PPS/RAP payments to FQHCs and rural health clinics for that population, and a pharmacy rebate aggregator. Other proposals included eliminating certain OTC drug classes, removing GLP-1 coverage for weight loss, prior authorization and step therapy changes, reinstating the Medi-Cal asset test, eliminating acupuncture as an optional benefit, allowing utilization management for hospice, raising the managed care minimum medical loss ratio to 90%, reducing PACE capitation rates toward the midpoint of the actuarial range, eliminating the skilled nursing facility workforce and quality incentive program, and suspending the SNF backup power requirement.
The LAO said the revised Medi-Cal spending estimate is about $2.5 billion higher than the Governor’s Budget in the budget year, and that the increase appears driven more by higher per-enrollee costs than by caseload alone. The LAO said the budget solutions are concentrated in a few areas, are largely ongoing, and should be considered in light of federal uncertainty, but suggested the Legislature could explore alternatives such as more targeted income thresholds for the undocumented expansion and simpler asset-test rules. Department of Finance officials said the proposals are difficult but necessary to address a third consecutive deficit and rising Medi-Cal costs. Members then pressed the administration on the methodology and impacts of the proposals, especially the enrollment freeze, premiums, asset test, hospice controls, PACE reductions, and the elimination of benefits and provider payments. No votes or formal actions were taken at this hearing.
MN
Transcript Highlights:
- asset preservation funding. Thank you. asset preservation funding. Thank you.
- I just hope that we use all our assets to keep those assets here. Thank you, Chair.
- I just hope that we use all our assets to keep those assets here. Thank you, Chair.
- DNR assets are, in addition to being numerous, diverse and unlike many state assets.
- <00:53:06.079>
and assets, our assets are extensive and assets, our assets are extensive and
Summary:
The committee first approved the March 3, 2026 minutes by voice vote. It then heard a presentation from the Minnesota Zoo on its aging facilities and bonding needs. Zoo staff highlighted the zoo’s economic and educational role, its 1.4 to 1.5 million annual visitors, and its Free to Explore program, while stressing that many of its 50-year-old buildings are in poor condition, with more than $78 million in backlog and safety concerns for visitors, staff, and animals. The zoo said the governor recommended $4 million for critical life-support systems and asked for an additional $6 million in asset preservation to renovate the original animal hospital building so a new hospital wing can function properly. Testimony emphasized that the renovation is necessary for staff space, storage, code compliance, asbestos removal, and safe animal care, and described recent injuries and close calls tied to outdated facilities.
Members asked questions about porcupine quills, natural predators, and the meaning of the zoo’s incident rate. Zoo staff explained that quills are not poisonous but are barbed and can be difficult to remove, and that predators include larger cats, owls, and fishers. On incidents, staff said they include close calls and injuries linked to aging infrastructure, such as a tiger reaching farther through a wall after fencing shifted over time, and staff injuries during animal procedures in older spaces. Members also confirmed that the hospital project has shifted from a standalone building to a wing attached to the existing hospital because of rising construction costs.
The committee then heard from Perpich Center for Arts Education. Perpich described its statewide role as both a public high school and an arts education resource center, serving students and educators across Minnesota. It said it hosted 313 events last year for nearly 2,000 educators and administrators and worked with 275 school districts across all 67 Senate districts. Perpich emphasized that nearly seven in 10 students rely on its residential programs because there are no comparable arts high school options in greater Minnesota, and noted strong student outcomes including a 100% graduation rate and national recognition as an exemplary school. For capital needs, Perpich said it received $1.26 million last year for HVAC and building automation work, is grateful for the governor’s recommended $1.3 million this year, and requested $6 million to create a secure, accessible main entrance and upgrade outdated restrooms to ADA compliance.
KY
Kentucky 2026 Regular Session
House Standing Committee on Natural Resources and Energy. (1-29-26)
Natural Resources & Energy
Transcript Highlights:
- <00:04:42.400>
and to end up with the stranded asset and to end up with the stranded asset - asset.
- asset.
- off some of those costs until the assets off some of those costs until the assets retired,<00:12
- But it constantly adjusts over the full life of the asset, and most of these assets are, you know, 40
Keywords:
Meeting Start 00:00
Attendance Roll Call 00:02
HB 398 Discussion 01:01
HB 398 Roll Call Vote 16:09
Chair Comments 18:05, 958, all
Summary:
The committee heard House Bill 398, sponsored by Rep. Wade Williams, with testimony from David Samford of East Kentucky Power Cooperative. The bill would amend KRS 278.264, the Senate Bill 4 statute, to clarify that it governs retirement of fossil fuel plants and not the recovery of associated decommissioning costs. Supporters said the measure would restore the Public Service Commission’s discretion to spread decommissioning costs over the life of a plant, consistent with traditional ratemaking, and avoid large rate spikes when plants are retired.
Testimony focused on ratemaking principles such as cost causation and matching, with the witnesses arguing that customers should pay costs as they are incurred rather than face a large “sticker shock” charge at the end of a plant’s life. Members asked about possible double charges, environmental surcharges, fuel adjustment clauses, and what happens if a planned retirement is delayed or canceled. The witnesses said the bill is intended to prevent double exposure and that rates would be revisited in future base rate cases as assumptions change.
During roll call, most members voted yes, while Rep. Fugate passed and explained concern about high electric bills and prior lump-sum charges in his area, and Rep. Watkins voted no, saying he needed more information on long-term affordability. The committee reported the bill out favorably, with the chair stating it should pass on the floor.
TX
Texas 89th 2nd C.S.
Pensions, Investments & Financial Services Apr 7th, 2025
Pensions, Investments & Financial Services
Transcript Highlights:
- The bill ensures that consumers are well informed about their digital assets.
- What is a Representative Schoolcraft: digital asset service provider?
- Marcus Adams: A digital asset service provider.
- On there, you have a user account, you can deposit your digital assets on there.
- an electronic platform that facilitates the trading of digital assets.
NH
New Hampshire 2026 Regular Session
Commission to Study Stable Tokens (02/10/2026)
Transcript Highlights:
- Asset. Asset.
- Digital Asset affairs for Digital Asset.
- Assets.
- assets are moving.
- asset types in the transaction. asset types in the transaction.
Summary:
The meeting began with roll call and approval of the prior meeting minutes, which passed unanimously. Members then introduced the day’s presentations, including one on the Canton network and another on tokenizing real-world assets, with a focus on how blockchain systems can support regulated financial institutions and asset tokenization.
Julie, the director of policy and government affairs at Digital Asset, presented on the Canton network, describing it as a privacy-enabled public blockchain designed for regulated finance. She said tokenization should preserve the same legal and economic rights as the underlying asset, and argued that blockchain-based books and records can shorten settlement times, improve 24/7 trading, and reduce friction in capital markets. She identified three main barriers to institutional adoption of public blockchains: lack of privacy, limited throughput/scalability, and lack of control for compliance purposes such as freezing assets, pausing transactions, and meeting AML/sanctions obligations. She explained Canton’s structure as a public, permissionless network with application-level privacy controls, a global synchronizer, and super validators chosen by vote. She also highlighted current ecosystem participants and use cases, including Broadridge, Circle, and the DTCC’s planned tokenization of U.S. Treasuries on the network.
Members and online participants asked about the relationship between tokenized assets and the Clarity Act, tokenized deposits, safeguards for faster settlement, and whether the platform could be used for municipal or property records. Julie said Digital Asset was not taking a position on rewards, but supported clearer statutory definitions because tokenized securities should carry the same rights as the underlying assets and investors need to know whether a token is a true tokenized security or a synthetic/reference token. She said the company is agnostic on whether the cash leg is stablecoins or tokenized deposits, though it expects both to develop. In response to concerns about rapid settlement, she pointed to institution-level permissions and SEC disclosure expectations as safeguards. She also said the technology could be used for other records, including potentially property-related records, if those assets can be tokenized.
WA
Washington 2025-2026 Regular Session
Pension Funding Council Jun 23rd, 2026 at 02:00 pm
Pension Funding Council
Transcript Highlights:
- Market value of assets, that's what the assets are actually worth in the market on the valuation date
- There is no asset smoothing in this plan, so there's no smoothed assets.
- First, the assets grow by more than assumed.
- So in the valuation, we report assets under two different measures: the market value of assets, the MVA
- So as Graham talked about asset smoothing, one thing to note is that while asset smoothing spreads out
NH
Transcript Highlights:
- I do own Precious Digital Assets.
- about 2/3 of the digital asset market. about 2/3 of the digital asset market.
- said, it's these are world class assets. said, it's these are world class assets.
- <01:01:06.559>
that behind adding these other assets that behind adding these other assets - asset. Okay. But it would be backed. asset. Okay. But it would be backed.
MN
Minnesota 2025-2026 Regular Session
Rules and Administration - Subcommittee on Ethical Conduct - Part 2 - 03/13/25
Rules and Administration - Subcommittee on Ethical Conduct
Transcript Highlights:
- And so the asset here is Senator Mitchell's election certificate and the job and the assets that go with
- You can't sell or transfer your job like you can with an asset.
- And while the job provides an income that you can use to acquire assets, the job itself is not an asset
- <00:07:52.759>
so assets the job itself is not an asset so assets the job itself is not an - <00:08:07.720>
Senator if this was not an asset Senator if this was not an asset Senator Mitchell
MN
Transcript Highlights:
- Our assets are diverse and unlike many other state assets.
- We have many other asset types.
- Our assets are diverse and unlike many other state assets.
- Our assets are diverse and unlike many other state assets.
- Our assets are diverse and unlike many other state assets.
NH
New Hampshire 2025 Regular Session
Commission to Study Stable Tokens (11/12/2025)
Transcript Highlights:
- And as the the digital asset arena.
- We have this ancillary asset, a novel category recognizing that digital assets morph and change over
- algorithmic tokens government asset algorithmic tokens government asset governance<00:34:25.919>
- new digital assets etc. new digital assets etc.
- not to lend out any assets there.
Summary:
The commission met on November 12 and first approved the September 17 and October 15 draft minutes unanimously after brief discussion. Members also identified themselves for the record, including a new member from Bumpsk Bank, a staff attorney from the Secretary of State’s Bureau of Securities Regulation, a prior crypto commission participant, and a uniform law commissioner involved in tokenization projects.
The main presentation was by UNH law professor Seth Orinberg, who discussed the federal GENIUS Act and the pending Clarity Act and how they affect New Hampshire’s options in the digital asset space. He described the GENIUS Act as governing payment stablecoins/stable tokens, defining them as blockchain-based assets used primarily for payments, redeemable for a fixed amount of national currency, and required to maintain stable value. He said the law creates three possible state roles: hosting federally qualified issuers, becoming a state qualifier for issuers up to a $10 billion threshold, or exploring state-backed issuance as a sovereign. He noted that the state-qualification path would require conforming legislation, examination capacity, and coordination with Treasury, while the sovereign-issuer theory is legally uncertain and may become a test case.
Orinberg also outlined the core compliance framework he said applies to covered issuers: 100% reserve backing in high-quality liquid assets, monthly public reserve reporting, no yield or interest-like rewards, segregation of reserve assets, immediate redemption at face value, and anti-money-laundering/know-your-customer obligations. He then turned to the Clarity Act, describing it as a broader market-structure bill that would create categories such as digital asset, digital commodity, digital security, and ancillary asset, with self-certification procedures for issuers. He said the two federal laws together would separate payments from investments, preempt inconsistent state standards for covered payment stablecoins, and likely reshape the boundaries of state authority over digital assets.