Transcript Highlights:

• Many states' health plans contract with lab integrity programs which can determine which routine lab
• for lab integrity programs.
• My company provides lab integrity programs for over 30... ...health plans across the U.S.
• The intent of this bill is to create a new process for laboratory claim integrity programs to insert
• Since I sit in a hospital and integrated delivery networks, I'm in a largely integrated delivery network

Bills: HB854, HB 1052, HB1642, HB2076, HB3042, HB3695, HB3787, HB4062, HB4092, SB213, SB493, SB896, HB5519, HB4635

Keywords: insurance, replacement cost, homeowner's policy, renter's policy, condominium insurance, property damage, claims process, telemedicine, teledentistry, telehealth, health benefit plan, insurance coverage, out-of-state services, anxiety, pain management, contraceptive devices, women's health, medical procedures, healthcare, laboratory

Transcript Highlights:

• WE HAVE CONDUCTED ABOUT 850 INTEGRITY RESERVE STUDY SINCE I WAS PUT IN PLACE.
• AND THAT'S WHY THEY LOOKED AT THE INTEGRITY OF THE BUILDING.
• RESERVE, IT'S FOR THAT SET OF STRUCTURAL INTEGRITY ITEMS.
• THE STRUCTURAL INTEGRITY FUNDS. THEY CAN ONLY BE SPENT ON STRUCTURAL INTEGRITY ITEMS.
• THEY MIGHT HAVE PULLED RESERVES AND THEY NEED TO CREATE A STRUCTURAL INTEGRITY RESERVE.

Keywords: 999, senate, all

Transcript Highlights:

• <00:47:44.800> measures additional program integrity measures additional program integrity
• in a couple more program integrity in a couple more program integrity measures.
• sure that there are program integrity sure that there are program integrity measures<00:54:06.559
• . integrity. integrity.
• Um, I love to hear that our testifiers come in and talk about program integrity.

Bills: HF4210, HF4212, HF4549, HF4464, HF4546, HF4447

Keywords: senior nutrition, older adults, aging services, home-delivered meals, congregate dining, meal delivery, grocery delivery, food insecurity, nutrition support, area agencies on aging, Minnesota Board on Aging, human services, special revenue fund, nonprofit grants, SNAP outreach, medically tailored meals, rural nutrition, food access, transportation services, elderly

Transcript Highlights:

• <00:11:45.000> questioned either have their integrity questioned either have their integrity
• it's the integrity of the institution. it's the integrity of the institution.
• I I understand that, and I integrity.
• really is that institutional integrity. really is that institutional integrity.
• The bill is about money. to preserve the integrity to preserve the integrity of<00:32:58.840> this

Keywords: 916, all

Transcript Highlights:

• Election integrity best practices should not include exceptions where identity cannot be verified.
• So I have no problem with integrity. I just have a problem with mass confusion.
• And for us to be, I'm not satisfied with being number four in the nation with voter integrity.
• Voter ID laws are one of the basic ingredients of election integrity.
• The bill increases the integrity of the identity confirmation process at the polling place.

Summary: The committee first heard Senate Bill 319, which would tighten and standardize voter identification rules at polling places. Senator Presley and Secretary of State Nancy Landry said the bill replaces the current “generally recognized” photo ID standard with a specific list of acceptable IDs, removes the affidavit-only option, and allows voters without a photo ID to cast a conditional paper ballot at the registrar of voters office or during early voting if they later provide approved documentation within two days after the election. Supporters argued the bill improves consistency, election integrity, and poll-worker guidance while still preserving access through alternative documents and free state IDs; opponents warned it could create confusion and burden seniors, students, homeless voters, and others without easy access to the required documents. After debate, the committee reported SB 319 favorably by a 7-2 vote. The committee then approved Senate Bill 202, which adds one day of compensated meeting time for parish boards of election supervisors in certain elections, and Senate Bill 25, which revises the compensation schedule for registrars of voters and related staff. SB 25 was amended to remove outdated step references and make conforming technical changes, and supporters said the pay structure has not been updated since 2007 despite increased duties and workload. The committee also adopted and reported favorably Senate Concurrent Resolution 29, creating a legislative study committee on water quality in the Chafalalaya Basin, and House Concurrent Resolution 85, creating a task force on illegal dumping, both with technical amendments. In addition, the committee advanced Senate Concurrent Resolution 63, which asks the legislative auditor to review how fiscal notes are prepared during session, and Senate Concurrent Resolution 33, which creates a work-based learning coordination task force to improve alignment among education, workforce, and employer partners. SCR 33 was amended to change the appointing authority for two members. The committee also approved Senate Concurrent Resolution 5, establishing the Louisiana-Ireland Trade Commission, and House Resolution 196, which creates a study committee on the impact of fallen trees on residential property and insurance issues. Several of these measures were supported by agency representatives or outside groups, and the committee adopted technical amendments where needed before reporting the bills and resolutions favorably.

Transcript Highlights:

• Uh, the second area that we are focused on is integrated, we call it crisis to care, integrated EMS and
• Program integrity. So we have a robust program integrity.
• Program integrity. So we >> one more. Okay. Program integrity.
• have a robust u program integrity. have a robust u program integrity.
• This is integrated care.

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:01 Department for Public Health Budget Request 00:01:46 Department for Community Based Services Budget Request 00:31:58 Certified Community Behavioral Health Clinics (CCBHC) 00:57:13, 958, all

Summary: The committee first approved the minutes, then heard a lengthy presentation from the Department for Public Health on Kentucky’s rural health transformation plan and related budget questions. Commissioner John Langfeld said the state received a $212.9 million federal award, one of the larger awards nationally, and outlined five focus areas: maternal and infant health, integrated EMS/trauma response, behavioral health and substance use disorder, oral health, and chronic disease prevention with an emphasis on obesity and diabetes. He stressed that the effort is intended to be integrated, data-driven, and sustainable, and that the federal funds cannot be used for new construction, clinician salaries, research and development, EHR replacement, or to pay for currently billable services. He also said the program carries accountability requirements and that funds can be clawed back if milestones are not met. Members pressed for clarification on duplication with other budget requests, sustainability after the five-year funding period, and how success would be measured. Langfeld said he was not aware of any duplicate funding with the department’s additional budget requests and said the rural health funds were separate from those requests. He also said the program will be tracked through specific metrics and timelines, using both execution measures and outcome measures such as readmissions, with more rapid-cycle feedback to allow course correction. Representative Fleming raised concerns about possible overlap with navigator funding and asked for more detail on the budget breakdown; Langfeld said a detailed line-item budget had been prepared but was still awaiting final CMS approval before release, and that he would explore sharing more information once restrictions were lifted. The committee then heard from the Kentucky State Public Health Laboratory about a request for a new central lab expansion. The presenter described the current 35-year-old facility as outdated and constrained by aging infrastructure, obsolete equipment, deferred maintenance, and inadequate space, and said the lab performs critical work with no in-state alternative for many services, including newborn screening, select-agent and biosafety level 3 testing, animal necropsy for rabies, genetic sequencing, environmental and food safety testing, and response to emerging infectious diseases. The project is already in design phase C, expected to finish in mid-April, with construction funding sought at roughly $276 million on top of about $35 million already approved for design. Members asked about long-term operating costs, backup arrangements, and whether the current facility would remain in use; the presenter said the current lab would continue to be used by the department while other divisions move into vacated space, and that the lab has mutual-aid agreements with the Southeast Consortium and universities for contingency support. Finally, the Department for Community Based Services began its budget presentation on SNAP and relative caregiver issues. Commissioner Lisa Dennis and budget director Misty Sammons identified the governor’s recommended budget items tied to new federal requirements under HR1, including changes affecting payment error rates. The discussion was just beginning when the transcript ended.

Transcript Highlights:

• And um we are um at one with integrity.
• And then integrated health care.
• How do we take a truly integrated How do we take a truly integrated approach<00:59:57.599> with
• <01:03:21.280> integrated<01:03:22.000> care on your integrated integrated care on
• your integrated integrated care model. model. model.

Keywords: 958, all

Summary: The Joint Committee on Families and Children met with a quorum, approved the August minutes, and received an update that the number of children in out-of-home care with active placements was 8,647 as of September 7, 2025. The first presentation was from Isaiah 117 House, a nonprofit that provides a home-like setting for children on removal day so they do not have to wait in a state office. Speakers described the mission as reducing trauma for children, lightening the burden on case workers, and easing transitions to foster or kinship placements. They said the Kentucky home in Logan County opened on August 15 and had already served 10 children in its first six days. Committee members asked about logistics, including whether children placed with kinship caregivers would still come to the house, how long children can stay, who remains responsible for them, and how volunteers are screened. The presenters said children are brought to the house regardless of whether they are headed to kinship or foster placement, that 72 hours is not a hard cutoff, and that a case worker remains in charge at all times while volunteers provide support. They also said volunteers undergo background checks, trauma-informed training, confidentiality instruction, and annual continuing education. In response to questions about funding and expansion, they said Isaiah 117 House is community-funded without state or federal money, and that new homes are opened only when fully funded, with construction costs typically ranging from $80,000 to $150,000 and first-year budgets around $180,000. The committee then heard a presentation from Remy Eastep Homes on its Family Centered Integrated Healthcare and related services. Leaders described the organization’s history from its origins as separate orphanages in Boyd County to residential treatment, treatment foster care, prevention services, and outpatient behavioral health. They said the organization shifted about 15 years ago toward engaging families more directly because family involvement improves outcomes and helps keep children safely at home when possible. The presentation continued into program details, but no votes or formal actions were taken on either presentation.

Transcript Highlights:

• I am really excited in Washington State to see the growth of mobile integrated health.
• How do we integrate these so we can work together?
• But it's really important that you bring up the need to integrate all of the different systems.
• So the integration of all the systems is really critical.
• So it's the importance of integrating these kinds of models into that, right?

Summary: The Community Safety Committee held an interim work session on crisis response, with members and witnesses discussing how Washington can better integrate 911, 988, mobile crisis, co-response, and alternative response models for behavioral health crises in public spaces. Travis Parker opened with an overview of the Sequential Intercept Model and the crisis care continuum, emphasizing early intervention, 988 access, regional coordination, navigators and peer support, and the need for sustainable braided funding. Several Washington witnesses then described current programs and system gaps, including the growth of co-response teams, the importance of integrating 911 and 988 rather than treating them as competing systems, and the need to reduce unnecessary emergency room use and improve first responder wellness and training. City, fire, and crisis-system representatives described local challenges and reforms. Kim Hendrickson of Poulsbo said most crisis calls still come through 911 and urged better coordination among field-based teams, more behavioral health training for fire/EMS, and more alternatives to ER transport. Laura Pippen, a designated crisis responder, described a strained involuntary treatment system, fewer DCRs statewide, difficulty getting law enforcement support for transports, and limited facility capacity, especially for substance use disorder. Jennifer Stuber and South County Fire’s Keith Sharp highlighted workforce training, a crisis responder certificate program, and first responder wellness efforts. Research witnesses Evan Lauder and James Pine said the evidence is still developing but generally supports on-scene resolution, reduced ED transport and detention in some models, and the importance of clear dispatch protocols, coordination, and ongoing evaluation. Dispatch and program operators then gave examples of how systems are working in practice. Katie Myers of Washington APCO/NENA said 911 remains essential, but needs evidence-based triage protocols, liability protections, and additional funding if it is expected to take on more crisis-response responsibilities. Whatcom County described embedding a “community connector” in the 911 center to coordinate alternative response, while ValleyCom reported that its 988 diversion pilot transferred 2,165 calls with 98% resolved through 988/211 without returning to 911. National examples included Denver’s STAR program, Albuquerque’s Community Safety Department, and Atlanta’s PAD initiative, each showing different ways to route low-acuity or behavioral-health-related calls away from police and toward clinicians, peers, or civilian responders. The session ended with Washington examples continuing, including Whatcom County’s alternative response team, underscoring the committee’s interest in refining and expanding integrated crisis response systems in the next session.

Transcript Highlights:

• dollars and program integrity. dollars and program integrity.
• and to strengthen program integrity. and to strengthen program integrity.
• program integrity changes. program integrity changes.
• So for program integrity action.
• of of payment integrity focused action. of of payment integrity focused action.

Keywords: 1187, senate, all

Transcript Highlights:

• > eligibility creating a new integrated eligibility creating a new integrated eligibility platform
• improve our program integrity, and to improve agency operations.
• <01:08:53.440> data well as to integrate and correlate data well as to integrate and correlate
• It allows for real-time integrations.
• <01:10:51.520> um program integrity um program integrity um system<01:10:53.679> that

Keywords: Appropriations - Room 216, 24 February, 2026; 1:30 PM, 925, all

Summary: Legislative leaders opened the hearing by focusing on statewide technology issues affecting agencies, including rising IT costs, cloud migration, cybersecurity risks, procurement delays, and the need for better coordination across government systems. They said the meeting was intended to hear from agency directors about current challenges and possible legislative solutions. The ITS director described the state’s IT structure as decentralized but increasingly moving toward shared services. He highlighted recent legislative and executive actions on cloud computing, artificial intelligence, procurement modernization, and data sharing, including House Bill 1491, Senate Bill 2426, Senate Bill 2267, House Bill 958, and an executive order on AI. He said ITS has worked with large agencies on a cloud center of excellence, a procurement modernization advisory council, and a state data exchange, and noted plans for a master contract, potentially with OpenAI, that could be available to all public entities. He also emphasized cybersecurity, saying the state is seeking a secure operations center and a broader “cyber maturity” approach after recent incidents. On procurement, he said the goal is to speed up purchasing while keeping it safe, and on optimization he pointed to potential savings from consolidating duplicate agreements, such as multiple Microsoft enterprise contracts. In response to questions, he said exceptions to centralization would be based on business and technical architecture and regulatory requirements such as HIPAA, CISA, or FERPA, rather than ad hoc decisions.

Transcript Highlights:

• Minnesota families and are an integral Minnesota families and are an integral part<00:04:04.319>
• 00:04:38.800> exert<00:04:39.199> more integrated firms also exer exert more integrated
• Vertical integration<00:05:40.080> allows<00:05:40.560> centralized integration allows
• Vertical integration only makes money for the entity integrating the producers who supply products, and
• the people who purchase them lose out. integrating the producers who supply integrating the producers

Bills: HF4080, HF3693, HF1857, HF4350

Keywords: agriculture, livestock, retailers, ownership interest, exclusive contracts, meat packing companies, dominant retailers, state law, Department of Agriculture, appropriation, funding, agriculture policy, state budget, animal welfare, cat declawing, animal cruelty, therapeutic procedures, civil penalties, Minnesota Department of Agriculture, aquatic life

Transcript Highlights:

• I mentioned our mental health integration program.
• So how do we change that so that we're integrating the services?
• So how do we change that so that we're integrating the services?
• Because it is an integrated model.
• I mean, we need to integrate it in a healthy way.

Summary: The hearing focused on youth mental health and treatment access in California, with opening remarks emphasizing that youth distress, self-harm-related emergency visits, and difficulty obtaining care remain elevated, while workforce shortages and reliance on one-time funding continue to limit access. Assemblymember Lori Davies echoed concerns about unstable funding and said lawmakers need to hear directly from providers and families as they prepare for the budget and legislation. The chair framed the hearing as a chance to hear from county, school, provider, and student perspectives, especially in San Diego County, where needs are high and investments have not always matched demand. County and school officials described the current system and recent state initiatives, including the Children and Youth Behavioral Health Initiative, school-linked fee schedules, payment reform, and the Behavioral Health Services Act transition. San Diego County Behavioral Health said it serves Medi-Cal youth with specialty mental health needs through a broad continuum of care, including outpatient clinics, school-based services, crisis response, residential treatment, and new crisis and residential facilities. San Diego County Office of Education and San Marcos Unified School District described efforts to expand school-based services and reimbursement through CYBHI, but said implementation is slowed by complex billing rules, insurance-data collection concerns from families, administrative burden, and uncertainty about sustaining staff positions funded by grants or soft money. School counselor testimony highlighted reduced stigma through campus outreach and clubs, but also noted that counselor-to-student ratios remain well above national standards and that budget cuts threaten supports. Provider testimony stressed that the system remains fragmented and that youth often move between emergency rooms, inpatient care, outpatient therapy, schools, and county programs without smooth handoffs. A child psychiatrist described crisis cases in which the main choices are brief hospitalization or discharge with limited follow-up, and argued for stronger warm handoffs, more outpatient and intensive outpatient options, better school-clinic coordination, and broader use of mobile crisis and 988. Rady Children’s Hospital and Aurora Behavioral Health described large increases in behavioral health demand, expansion of integrated care, and major barriers tied to low reimbursement rates, delayed payments, and administrative complexity. Across the panel, witnesses called for more stable funding, clearer reimbursement rules, better parent education on warning signs, and stronger collaboration among schools, counties, hospitals, and community providers to reduce stigma and improve timely care for youth.

Transcript Highlights:

• <00:07:47.879> area<00:07:48.120> and<00:07:48.240> our program Integrity area
• and our program Integrity area and our background<00:07:48.800> studies<00:07:49.280> um
• investigator from our program Integrity investigator from our program Integrity division<00:25:57.880
• <00:56:29.680> Staff<00:56:30.280> there Integrity Staff there Integrity Staff there too
• of our divisions the program Integrity of our divisions the program Integrity office<00:57:17.520

Keywords: 1183, house

Transcript Highlights:

• Under this bill, publishing an Alabama voter list by voter integrity organizations, which is currently
• I volunteer full-time on election integrity, verifying Alabama's voter rolls.
• As a concerned citizen, I work toward election integrity in Alabama and other states.
• I live in Prattville, Alabama, and I too work on voter integrity.
• Well, so if the intent is voter integrity, uh, to be published is to make it publicly available.

Bills: SB249, SB259, HB67, HB214

Keywords: municipal tax, license fee, local tax increase, ordinance, public hearing, 30-day notice, municipal notice requirements, city council, town council, Alabama municipalities, Code of Alabama 1975, Section 11-45-2, open meetings website, newspaper publication, local government finance, tax transparency, fee increase, municipal ordinance procedure, University of South Alabama, Board of Trustees

Transcript Highlights:

• We have modern integration layers that support both the latest technologies like FHIR, the latest data
• fast, even from systems that have not historically been well integrated into the ecosystem.
• um we can do uh a number of integrations um we can do uh a number of integrations at<00:15:39.440
• Um and uh integrated into the ecosystem.
• <00:48:21.760> the and then we're actually integrating the and then we're actually integrating

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:20 CRISP Shared Services 00:01:39 Rural Health Transformation Plan 00:30:55, 958, all

Summary: The Budget Review Subcommittee on Health and Family Services opened its first meeting of the 2026 interim session, took roll, and moved directly into presentations. The main presentation was from Ryan Bramble of Crisp Shared Services, who described the organization’s health information exchange and health data utility model in Kentucky and other states. He emphasized that Crisp is a nonprofit, that data ownership remains with providers, and that governance is local. He also outlined the technical infrastructure, including a master patient index, cloud-based data lake, support for modern standards like FHIR and USCDI as well as older formats, and data quality tools used to normalize and standardize information. Bramble said the model is intended to reduce duplication, lower costs, and support rural providers and future use cases such as reporting, analytics, and AI-enabled decision support. Members asked how the state can ensure the data is actually used and who should drive priorities for health care improvement. Bramble said Crisp can provide tools, expertise, and examples from other states, but local teams such as KHI and state stakeholders must tailor and lead utilization efforts. In response to questions about ownership and coordination, he stressed that successful HIE governance requires a multistakeholder body that includes hospitals, health plans, government, and other interests, with a unified approach rather than multiple competing directives. He also said the Commonwealth has an opportunity to convene those stakeholders and set clear priorities. A senator raised concerns that responsibility for Medicaid and broader health policy has become fragmented and suggested a stronger central role for the state, possibly through the Department of Public Health, to coordinate health priorities. Bramble agreed that a single convening authority and multistakeholder governance are important, and noted that local governance should determine what data is shared and how it is used. No votes or formal actions were taken during this portion of the meeting. After Bramble’s presentation and questions, the committee was told that Secretary Stack from the cabinet would testify next on the rural health transformation plan.

Transcript Highlights:

• This past year, C-to-sale integration was the number one thing.
• These are businesses that are vertically integrated, a lot of money.
• These are businesses that are vertically integrated, a lot of money.
• Nineteen of 20 actively dispensing MMTCs are integrated.
• And of the labs, eight of nine are integrated.

Summary: The Senate Health Policy Committee received updates from the Agency for Health Care Administration and the Department of Health on implementation of 2024 health care laws. AHCA reviewed progress on workforce and reimbursement measures in Senate Bill 7016 and related bills, including FRAME and TEACH funding, graduate medical education reporting, behavioral health teaching hospitals, acute hospital care at home, advanced birth centers, non-emergent care access plans, and rural emergency hospitals. Agency officials said several programs are already operational or have begun payments, while others are still in rulemaking, federal approval, or report-preparation stages. Senators asked about timing, funding reversion concerns, and whether appropriated dollars would be spent on schedule, especially for behavioral health teaching hospitals and the new birth center category. The Department of Health then reported on practitioner licensure and public health programs. MQA described implementation of the Interstate Medical Licensure Compact, the Mobile Act licensure pathway, massage therapy enforcement changes, background screening expansion, liposuction safety requirements, pharmacist HIV post-exposure prophylaxis authority, and chiropractic dry needling. Public health staff updated the committee on FRAME and dental loan repayment, the Sinati screening grant program, the cancer research and innovation changes, the health care innovation council and loan program, the pediatric rare disease grant program, telehealth maternity care expansion, newborn screening for congenital CMV, the sickle cell registry and grants, and the swimming lesson voucher program. Members focused questions on how practitioners were being recruited to underserved areas, the pace of licensure approvals, and whether new programs were on track to use appropriated funds. The committee also heard a lengthy update from the Office of Medical Marijuana Use. The director reported more than 900,000 qualified patients, real-time seed-to-sale tracking now integrated across most dispensaries and labs, and ongoing compliance work on product testing, advertising, diversion, and patient safety. Senators questioned the decline in qualified physicians, how THC potency is labeled and verified, and what the agency can do about diversion to non-patients. The director said the office relies on complaints, inspections, lab audits, and coordination with law enforcement, and that patients can be suspended if violations are confirmed.

Transcript Highlights:

• Election integrity best practices should not include exceptions where identity cannot be verified.
• So I have no problem with integrity. I just have a problem with mass confusion.
• And for us to be, I'm not satisfied with being number four in the nation with voter integrity.
• Voter ID laws are one of the basic ingredients of election integrity.
• The bill increases the integrity of the identity confirmation process at the polling place.

Bills: HR118, HR196, HR237, HR285, HCR85, HB442, HB443, SCR5, SCR29, SCR33, SCR63, SB25, SB202, SB319

Keywords: water utility, tax credit, excessive rates, residential service, subcommittee, fallen trees, property damage, insurance, property values, hurricanes, storm damage, local government, homeowners, risk management, committee study, census, military population, Department of Defense, representation, federal funding

Transcript Highlights:

• And so this year we decided to focus entirely on the program integrity pieces that uh we could agree
• Uh so we didn't work on any different uh program or funding pieces outside of the program integrity pieces
• And so this year we decided to focus entirely on the program integrity pieces that uh we could agree
• And so this year we decided to focus entirely on the program integrity pieces that uh we could agree
• pieces to try and address many integrity pieces to try and address many of<00:02:54.879> the<

Keywords: 1183, house

Transcript Highlights:

• You know, as we integrate these other agencies, we're going to have to do a lot of work.
• So, in this system, we have all state police's data, we have BCSO integrated, and APD is partially integrated
• As soon as we integrated our data with BCSO.
• So we are just helping with the integration.
• So for example, I said most agencies were integrating.

Transcript Highlights:

• <00:28:53.039> its and Japan is working to integrate its and Japan is working to integrate
• The approach is to integrate and specify new regulated activities to integrate crypto activities within
• 00:44:13.520> uh seeing more integration with uh seeing more integration with uh traditional<00
• the world integrated with Apple Pay,<01:19:40.239> integrated<01:19:40.640> with<01:19
• Pay, integrated with Google Pay. Pay, integrated with Google Pay.

Keywords: 1189, house, all

Summary: The Stable Token Study Commission held its first regular meeting, welcomed all remaining appointed members, and completed brief introductions from legislators and agency designees. The chair outlined the commission’s plan to use the first part of the enabling legislation as a “level-setting” discussion, focusing this meeting on the basics of blockchain, the current landscape for stablecoins and tokenized real-world assets, and leaving blockchain-based trust for a later meeting. No votes were taken. The main presentation came from Deanna Bario Zales of the Global Blockchain Business Council, who described stablecoins as increasingly converging toward fiat-backed or asset-backed models, with algorithmic designs viewed more cautiously. She said stablecoins are being used for payments, remittances, DeFi activity, cross-border transfers, retail use in high-inflation markets, and treasury functions, while noting risks such as peg instability, reserve transparency, counterparty and network risk, and possible capital flight from weaker banking systems. She cited growth in supply, wallet activity, and transfer volume, and said U.S.-pegged stablecoins dominate the market, with USDT and USDC leading. Zales also discussed tokenized real-world assets, describing them as digital representations of physical assets that can enable fractional ownership, liquidity, and faster settlement. She said the market is growing quickly, with institutional participation from firms such as BlackRock and Franklin Templeton, and projected continued expansion. She closed with an overview of regulatory developments, emphasizing the new U.S. stablecoin framework under the Genius Act, the proposed Clarity Act, OCC guidance, and similar regimes in the EU, UK, UAE, Singapore, Japan, and elsewhere, all of which she said are shaping compliance requirements and market development.