Transcript Highlights:

• Observation number six recommends non-exempt purchases be made in accordance with statute.
• Non-exempt purchases be made in accordance with statute.
• guess I would agree that maybe the statute should be looked at in terms of maybe clarifying what purchases
• guess I would agree that maybe the statute should be looked at in terms of maybe clarifying what purchases
• are exempt versus what which purchases are exempt versus what which ones<00:28:01.440><c> are</c><00

Keywords: 1189, house, all

Summary: The Joint Fiscal Committee met on March 20, 2026, approved the minutes, and adopted the consent calendar after removing two items for separate discussion: FIS 26048 from the Department of Safety and FIS 26053 from the Department of Environmental Services. The committee then adopted both of those items after brief questioning. Safety explained that a $2 million transfer would reduce its lapse, though it still expected a lapse of just under $4 million. Members, especially Senator Gray, emphasized concern about lapses and the need to track them closely given prior-year shortfalls. On the Environmental Services item, members discussed the Heavy Falls dam removal. The commissioner said the dam is old, not grounded in bedrock, and does not meet current safety standards, so removal was the practical option because replacement funding was unavailable. He said the aquatic resource mitigation fund and Army Corps of Engineers support made the removal feasible, and that the town had been involved in discussions for years. The committee adopted the item. The committee also adopted a Department of Transportation item, with staff noting high snowfall and a roughly 25% vacancy rate but saying contractors and bonus incentives had allowed plowing operations to continue. A Judicial Council item was then adopted, with the director saying it would likely be his last appearance this fiscal year. The committee next reviewed information materials on YDC claims administration, where DOJ staff said current spending would leave about a $10 million buffer into the next fiscal year and described reduced staffing and ongoing claims work; no action was taken. The committee then heard audit presentations for the Liquor Commission and Lottery Commission. The Liquor Commission audit reported seven findings, including a material weakness on reconciliations, issues with NextGen data/reporting, gift and promotional card controls, procurement and leasing practices, and one nonconcurrence on whether certain purchases were exempt from bidding requirements; members discussed whether attorney general review or legislation might be needed. The commission said it had completed a year-end reconciliation and was about 70% reconciled through February. The Lottery Commission audit reported three internal control comments, all concurred with by the lottery, focused on written procedures, filling the controller position, annual risk assessments, disaster recovery testing, user access controls, and training compliance; the lottery said it was hiring to reduce reliance on one employee and had no unresolved findings. The committee took no vote on the audit materials and adjourned after setting the next meeting for April 17 at 11:00 a.m.

Transcript Highlights:

• If your child wants to run a lemonade stand for a week, you should not have to purchase multiple permits
• dozens of different stores and buy different things that, as long as it falls probably within a $200 purchase
• they would be exempt from collecting and paying sales tax on what they sell, not on what they're purchasing
• So if he comes and purchases a tractor in Oklahoma, how do they verify someone like that?

Bills: HB1590 , HB3075 , HB3548 , HB3661 , HB3986 , HB4273 , HB4346

Committee: Senate Revenue and Taxation

Keywords: education funding, linked deposits, education infrastructure, charter schools, nonprofit organizations, Oklahoma Education Infrastructure Program, rounding, cash payments, public finance, Oklahoma Common Cents Act, political subdivision, youth entrepreneurship, tax exemption, small business, income tax, Oklahoma Youth Entrepreneurs Promotion and Development Act, HB3661, Oklahoma sales tax, sales tax exemption, revenue and taxation

Summary: The Revenue and Taxation Committee met and first laid over House Bill 15.9 to the next meeting. The committee then unanimously advanced an executive nomination, James Burleson to the Oklahoma Tax Commission, after brief testimony from Sen. Pugh and Burleson’s comments about his private-sector, nonprofit, and community experience and desire to serve the state. Members then considered several tax-related bills. House Bill 3986, expanding eligibility for the 24-month gross production tax exemption for wells completed using recycled water, passed 10-1 after questions about whether the change was retroactive. House Bill 3548, which would exempt small child-run businesses from certain taxes and permits up to a $1,000 gross-revenue threshold, passed 11-0 after questions focused on enforcement and adult involvement. House Bill 3661, removing the sunset on the forestry equipment sales tax exemption, passed 8-3 despite concerns about the lack of hard data supporting the incentive’s continuation. The committee also passed House Bill 4346, creating reciprocity for agricultural sales tax exemptions for neighboring states, after discussion about verification methods, fraud prevention, and whether the Oklahoma Tax Commission could track out-of-state buyers; the bill passed 8-3. House Bill 3075, the “Oklahoma Common Sense Act” dealing with a post-penny environment and giving agencies and political subdivisions more time to update point-of-sale systems, was amended to set an effective date of November 1, 2026, and then passed 11-0. Finally, House Bill 4273, clarifying that certain R1 university aerospace research employees qualify for an aerospace tax credit, passed 6-5 after debate over whether the credit could create a broader domino effect for other professors and fields. The chair announced the committee would likely meet again the following Monday for its last meeting of the year, and then adjourned.

Transcript Highlights:

• House Bill 331, an act relating to real property purchased at a master commissioner sale.
• Bill 331, an act relating to real House Bill 331, an act relating to real property<00:16:04.000><c> purchased
• </c><00:16:04.399><c> at</c><00:16:04.560><c> a</c><00:16:04.720><c> master</c> property purchased at
• a master property purchased at a master commissioner<00:16:05.680><c> sale.

Keywords: Convene 00:00 Motions, Petitions, and Communications 05:54 Introduction of New Bills and Resolutions 12:03 Recess for ConC and Rules Meeting 16:14 CoC and Rules Report 18:21 Adjournment 18:57, 958, all

Transcript Highlights:

• insurance from that particular purchased insurance from that particular company.<00:09:16.800><c> Now
• </c><00:43:31.440><c> It's</c><00:43:31.680><c> not</c><00:43:31.839><c> like</c> policy is purchased
• It's not like policy is purchased.
• My mom went to high school in New London and has a lot of family connections here.
• It covers a seven- or eight-town school district area, and I read it every week.

Committee: House Ways and Means

Keywords: 1189, house, all

Transcript Highlights:

• The funds are to be used exclusively for purchasing bulletproof vests for law enforcement officers.
• The funds are to be used exclusively for purchasing bulletproof vests for law enforcement officers, and
• Some either don't have any vests, or they'll end up purchasing them or having them donated, then they

Bills: SB143 , SB367 , SB388 , SB398

Committee: House Appropriations

Keywords: bulletproof vests, body armor, peace officers, law enforcement funding, police equipment, officer safety, local police, sheriff's office, municipal police, parish law enforcement, grant fund, special fund, Louisiana Commission on Law Enforcement, criminal justice, protective gear, NIJ standards, USMCA, small agencies, public safety, Act 739

Transcript Highlights:

• Mary Parish Government for the purchase of equipment used for drainage initiatives needs to be clarified
• Mary Parish Government for the purchase of equipment used for drainage initiatives needs to be clarified
• So in order to do this, we have to purchase some new chillers and boilers for those buildings to connect

Summary: The Joint Legislative Committee on the Budget met on March 19, 2006, and first received a fiscal status statement and five-year baseline budget from the Office of Planning and Budget, with no changes reported. The committee then approved several BA-7 budget adjustments, including additional funding for the Department of Culture, Recreation and Tourism’s Cultural Development Program, a $24.4 million federal funds increase for the Louisiana Department of Health’s Rural Health Transformation Program grant, and a $1 million statutory dedication for reimbursement related to the Zurich Classic of New Orleans. All of these items were recommended for approval by both OPB and the Legislative Fiscal Office. The committee also approved a Facility Planning and Control request for the Louisiana Military Department to add $9.1 million to the Jackson Barracks cyber warfare operations project to incorporate a SCIF, bringing total authority to $29.7 million. Members then approved several interpretations of legislative intent to correct or clarify prior appropriations, including parish and local-government recipients and purposes in St. Mary Parish, Catahoula Parish, Lafourche Parish, East Feliciana, and the Wind Foundation of Louisiana. In addition, the committee approved one-year extensions and added funding for Department of Culture, Recreation and Tourism tourism advertising contracts, and approved a final extension of the Office of Risk Management’s contract with Sedgwick Claims Management Services. Later, the committee reviewed but did not require action on a change-order report and heard presentations on two university-related agreements. Louisiana Tech University described a plan to shift campus utility service from its aging cogeneration system to local utility providers, requiring new chillers and boilers but projected to save more than $1.6 million annually in operating costs, with estimated debt service of about $1.2 million. The committee also heard an extension request from the University of Louisiana at Lafayette for consulting services supporting its Banner ERP system. The meeting concluded with adjournment after no further business.

Transcript Highlights:

• He graduated from Globe High School.
• I would never have thought of coming out at school.
• A.R.S., relating to school district governing boards.
• But instead, the Tolson Union High School District said, But instead, the Tolson Union High School District
• So I'm disappointed in the Tolson Union School District.

Summary: The House convened, approved the prior journal, received gubernatorial communications, and then moved into an additional Committee of the Whole to consider Senate bills on two calendars. In that committee, members adopted floor and committee amendments and reported SB 1100, SB 1160, and SB 1178 out as amended. On the second calendar, the committee considered SB 1200, SB 1560, SB 1627, and SB 1723, adopting amendments on SB 1200, SB 1627, and SB 1723 and reporting all four measures out, while SB 1725 was retained on the calendar. The House then adopted the committee reports and sent the amended bills to engrossing or third reading as appropriate. The chamber then took up a long series of third-reading votes. Several bills passed with recorded votes and some member explanations focused on public safety, parental rights, school safety, health care, local control, property rights, and wildlife management. Among the measures that passed were SB 1013, SB 1015, SB 1046, SB 1094, SB 1095, SB 1124, SB 1186, SB 1214, SB 1275, SB 1280, SB 1315, SB 1318, SB 1205 on reconsideration, SB 1327, SB 1416, SB 1418, SB 1582, SB 1613, SB 1662, SB 1664, SB 1670, SB 1711, SB 1741, SB 1821, and several concurrent memorials. A number of bills failed, including SB 1052, SB 1170, SB 1457, SB 1074, SB 1540, SB 1649, and SB 1663. Debate on several bills drew pointed partisan and policy disagreements. Members opposing health-related bills argued they targeted LGBTQ people or medical decision-making, while supporters framed them as protecting children or bodily autonomy. On SB 1170, members said the bill contained a drafting error that would create extreme penalties and strain prison capacity. On SB 1280, supporters and opponents split over Mexican gray wolf management and federal conservation efforts. On SB 1199, the Salt River horse herd bill, members discussed herd management, heritage, property impacts, and a required emergency clause; it passed with the needed two-thirds majority. The House also adopted a group concurrence motion on numerous House bills and passed several House bills on final reading, including HB 2013, HB 2016, HB 2028, HB 2086, HB 2118, HB 2140, HB 2170, HB 2226, HB 2244, HB 2248, HB 2249, HB 2327, HB 2379, HB 2380, and others, forwarding them to the Governor.

Transcript Highlights:

• But today worries about school funding, large well-rounded citizens.
• These are the fundamentals that will help your child be successful in school.
• AB 1586 would require school resource officers to receive opioid overdose prevention, School resource
• At the same time, the number of young people participating in school sports is on the rise.
• As a former school board member and personnel commissioner, I rise to present AB 2120.

Keywords: 988, house, all

Transcript Highlights:

• in the school bus best interest.
• at the public school level affect schooling across the board.
• I am also a high school student.
• As a junior in public school, I am no stranger to anti-Semitism in our schools.
• . ...inside school.

Committee: House Emerging Issues

Keywords: 959, house, all

Transcript Highlights:

• We'd have to ask the actuary for an order of magnitude—five million, ten million, like... law school
• thing the teach is don't to law school thing the teach is don't mess<00:22:10.440><c> with</c><00:22
• Within that fund, we have enough money to purchase the new accessible voting equipment, which we will
• If you have a school ballot that has another three pages, that's another $600.
• If you have another school ballot that has another three pages, that's another $600.

Keywords: 928, house, all

Summary: The committee took up House Bill 2 retirement provisions, focusing on Group Two/Tier B changes in pages 25-39. Jan Goodwin of the New Hampshire Retirement System and deputy chief counsel Mark Kavanaugh explained that the 2025 bill is largely similar to prior versions, but it restores certain pre-2011 benefit rules for Tier B members, including changes to average final compensation and earnable compensation, and it also addresses the annuity multiplier for years of service. Members discussed the tier structure, with Tier A referring to vested members, Tier B to those hired before 11/1/12 who were not vested, and Tier C to later hires. Several members expressed concern that the bill’s purpose was to restore Tier B benefits, not to change Tier A rules or create broader changes affecting newer hires. The retirement system flagged two likely drafting problems. First, it said a provision appears to omit a special-duty/earnable-compensation limitation in the Group Two section, which they believed was a scrivener’s error caused by moving language out of the Group One definition without adding it back for Group Two. Second, they noted the bill’s multiplier language overlaps with changes already enacted in HB 1647, which increased the multiplier for service beyond 15 years for Group Two and carried an estimated $26 million cost. The committee discussed that HB 1647 was originally broader in the House, but the Senate narrowed it to Tier B only. The actuary’s comparison of the 2023 and 2025 HB 2 versions showed the bills are close, but the 2025 version differs in funding and timing. Staff said the 2025 bill appropriates $2.5 million more per year for 10 years, and that, together with updated actuarial assumptions and a larger share of the affected tier having already retired or otherwise left service, results in a larger reduction in unfunded liability than the 2023 bill: about $98.2 million versus $68.5 million. Employer contribution impacts were described as small overall, though the 2025 bill was said to be somewhat more favorable than the 2023 version. Members also questioned why House Bill 1 only funds $5 million in the first year, and staff said that was tied to the governor’s revenue estimate and that the full funding does not begin immediately. No votes were taken in the portion provided; the committee mainly received testimony, asked clarifying questions, and noted that some issues would be addressed in the fiscal note worksheet.

Transcript Highlights:

• Caroline Tessa, California School Employees Association, in support. Good morning.
• So, you know, this McClatchy High School is a local high school here in Sacramento.
• From a school that isn't even on the ocean.
• So, you know, the McClatchy High School students from that school are sponsoring the bill, which is a
• local high school here in Sacramento.

Summary: The committee heard AB 1603, which would restrict new PFAS pesticides from being registered in California and add transparency requirements for pesticide use reporting. The author and supporters argued PFAS are persistent, harmful chemicals that contaminate water, soil, and food, and said the bill would reduce future contamination and public health costs. Supporters included environmental and public health groups, water agencies, nurses, teachers, and local governments. Agricultural and chemical industry groups opposed the bill’s registration ban, arguing California already has strong pesticide review, that the measure could limit future safer formulations, and that it could raise costs and reduce farmers’ access to pest-control tools. Committee members raised questions about affordability, water contamination, and the role of state versus federal regulators; the author said the bill was needed because existing regulation is too slow and incomplete. No vote was taken because the committee lacked a quorum. The committee then heard AB 2635, the Just Transition for Landscapers Act, which would create voucher programs and other support for landscapers transitioning from gas-powered to electric equipment, while limiting penalties and adding privacy protections. The author and supporters said many landscapers are low-wage immigrant workers who cannot afford the upfront cost of electric equipment and should not be punished for complying with local air-quality rules. Air district representatives and other opponents said the bill could be too prescriptive, could divert limited air district resources, and could create administrative and language-assistance burdens; one air district moved to neutral after amendments. Committee members discussed the health benefits of electric equipment and the need to avoid placing penalties on workers. The bill was held pending a quorum. The committee also heard AB 1732, which would extend CEQA streamlining to public university and community college housing projects. The author, UC student representatives, and the University of California said the bill would help address student housing insecurity and speed construction on already planned campus sites. There was no opposition. The committee then took up AB 1744, the Clear Labels, Clear Seas Act, which would prohibit sunscreen products marketed as reef safe or reef friendly from containing certain chemicals that harm marine ecosystems. The author said the bill is a transparency measure, not a ban, and the committee expressed support; no opposition appeared. Additional bills discussed included AB 2152, which would streamline CEQA review for fire station projects and was supported by firefighters and local governments but opposed by contractors over a project labor agreement requirement; AB 2231, which would streamline two hospital projects in Santa Clara and Emeryville and drew broad support with no opposition; AB 2410, which would create temporary CEQA and Coastal Act exemptions for wildfire fuel-reduction projects and drew support from counties, cities, utilities, and fire officials but opposition from Sierra Club California over the breadth of the exemptions; and AB 2234, which would update geothermal exploratory project rules to reflect newer technologies, supported by clean power advocates and opposed or opposed-unless-amended by utility groups concerned about impacts on existing geothermal operations. Several of these measures were discussed with amendments, but votes were deferred where a quorum was not yet present.

Transcript Highlights:

• My name is Zohar Blakhani, and I'm a senior at Lake Washington High School that worked on the Purple
• I'm testifying on my own behalf and not compelled by my school or other organizations.
• testifying on my own behalf and not compelled by my school or other organizations.
• My name is Jonah, and I’m a high school student from Kirkland testifying in favor of the adult...
• My name is Julie Chee, and I am currently a high school senior at Lake Washington High School.

Committee: House Community Safety

Keywords: 904, all

Transcript Highlights:

• I mean, there are other departments that came in before and said, can we purchase this land?
• We want money to purchase this land.
• and said can we purchase we want money<00:12:25.160><c> to</c><00:12:25.360><c> purchase</c><00:12:25.760
• ><c> this</c> money to purchase this money to purchase this land<00:12:28.120><c> so</c><00:12:28.279
• It would be to purchase the parking garage and the commercial space.

Keywords: 912, senate, all

Transcript Highlights:

• If you're going to purchase from them, you want to know they're actually following some of the things
• Massachusetts, we have a lot of standards that we put in place to ensure consumers know what they're purchasing
• If you were looking at... ...consumers know what they're purchasing, and this is just another example
• meet some credible standards before you can offer that you're in health insurance and you should purchase
• I purchased this wheelchair and was forever grateful for that advice.

Keywords: 995, all

Summary: The Joint Committee on Aging and Independence held a hearing on several bills, led by Chair Tom Stanley and Senate Chair Patricia Jehlen. The committee first heard testimony on H. 765/S. 487, an act relative to councils on aging, which would update outdated statutory language and allow directors of councils on aging to make staffing decisions when a council is structured as an advisory body. Representative Donahue and Betsy Connell of the Massachusetts Association of Councils on Aging said the change reflects how most councils now operate and would resolve conflicts like the one that arose in Sherborn. Members asked about whether the bill would affect town managers, volunteer roles, and whether the language should more clearly exempt informal volunteer help; supporters said the bill is aimed at municipal staffing structures, not unpaid volunteer assistance. The committee then took extensive testimony on H. 789/S. 470, an act to improve Massachusetts home care, which would create a statewide licensure system for non-medical home care agencies and entities. Julie Watt, Jay Krillovich, Betsy Krimmins, Lisa Gargoni, Tim Foley, and several providers and advocates supported the bill, arguing that licensure would establish baseline standards for background checks, training, service plans, insurance, complaint procedures, and labor-law compliance, while helping consumers identify legitimate providers and reducing fraud and abuse. Several witnesses described problems with unlicensed or poorly supervised providers, and family members and dementia advocates emphasized the need for dementia-specific training and better oversight for vulnerable clients. Tim Foley also raised concerns about private equity’s growing role in home care and said stronger regulation is needed to protect consumers and workers. Committee members focused on practical questions about the bill’s scope, including whether it would reach informal paid helpers, volunteers, or people doing occasional household tasks, and what agency would enforce the rules. Supporters said the bill is intended to cover entities advertising home care services, not unpaid volunteer help, though they acknowledged regulators would need to work out details. John Sneeth of Tribute Home Care offered a more cautious view, saying licensure should not unduly burden smaller providers or reduce competition, and that enforcement would be key. The hearing also included testimony from the Alzheimer’s Association and family caregivers, who strongly supported the bill’s dementia-training provisions and described how trained caregivers improved safety and quality of life for people living with Alzheimer’s and dementia. At the end of the hearing, the committee also heard support for H. 778/S. 473, regarding the Commission on LGBTQ Aging, with Lisa Krinsky urging funding for a full-time director and continued support for the commission’s strategic plan. After public testimony concluded, the committee adjourned the hearing by motion and voice vote.

Transcript Highlights:

• I looked back and it looked like those trucks were purchased.
• </c><00:04:03.280><c> Their</c><00:04:03.439><c> model</c> those trucks were purchased.
• Their model those trucks were purchased.
• Um, these we did request to purchase these with restricted funds.
• Um, these we did request to purchase these with restricted funds.

Keywords: Meeting Start 00:00:00 Attendance Roll Call 00:00:20 Approval of Minutes 00:00:41 Department of Agriculture 00:01:06, 958, all

Summary: The House Budget Review Subcommittee on General Government met for its third meeting, approved the minutes, and heard a budget presentation from the Kentucky Department of Agriculture. Department representatives Brandon Reid, Lee Macintosh, and Mark Bolan outlined the agency’s funding mix and requested support for several priorities in House Bill 500, including continuation of existing items, county fair grants, and an additional $5 million for the new economic development fund. They also discussed a capital request to replace two aging scale trucks, noting the vehicles are from 2002 and 2006 and have become unreliable and expensive to repair. The department emphasized several additional needs: funding to begin regulating and inspecting electric vehicle charging stations through the weights and measures division, retention and recruitment funding after losing 108 employees over three years, and a request to pay off tobacco-related debt service so more money can flow through the tobacco formula. They also cited House Bill 417, filed by Speaker Osborne, as supporting farmland preservation, saying the agency has a program ready but needs funding to implement it. Officials said the farm-to-food-banks and rural mental health items in the budget were acceptable as reduced by the tobacco formula. Members asked questions about pump inspection fees and staffing losses. The department said the inspection fee is $100 per station, not per pump, and that the same fee applies even to larger stations. On retention and recruitment, officials said the cost of turnover is significant but they did not have a dollar estimate. No votes were taken beyond the motion to approve the minutes, and the meeting ended with a motion to adjourn.

Transcript Highlights:

• And just like many homeowners purchase insurance on their home property insurers also purchase reinsurance
• , but it's actually the lesser of 17 billion or the amount of cash would have on hand reinsurers purchase
• And historically, those options have included traditional reinsurance, which we purchase 2015 to 2019
• , we typically have to weigh was the cost of reinsurance because we are reassure purchase of reinsurance
• We did purchase reinsurance.

Transcript Highlights:

• IOUs Provide a vital service to the state of Texas when purchasing smaller utilities that are often riddled
• So If they're gonna purchase that.
• And so then the question becomes, you know, as a private entity having purchased an asset, being compelled
• the question I asked, uh, are all of these utilities that are looked at by private entities to be purchased
• accountable before they get to a state where they're dilapidated and someone has to come in and purchase

Bills: HB 29 , HB 685 , HB 1633 , HB 1689 , HB 1690 , HB 1918 , HB 2010 , HB 2500 , HB 2608 , HB 2626

Committee: House Natural Resources

Keywords: water audit, water loss, water loss mitigation plan, municipally owned utility, municipal utility, water conservation, Texas Water Development Board, TCEQ, Texas Commission on Environmental Quality, water leakage, leak detection, billing data accuracy, utility validation, water audit validation, water scarcity, water management, infrastructure, public utility, conservation plan, administrative penalty

Transcript Highlights:

• He graduated from Globe High School.
• I would never have thought of coming out at school.
• Including our schools.
• But instead, the Tolson Union High School District said, But instead, the Tolson Union High School District
• So I'm disappointed in the Tolson Union School District.

Keywords: 1182, all

Transcript Highlights:

• It's a 22-minute documentary that we use in junior high schools and in high schools across this nation
• CADCA coalitions support millions of high school and middle school students across this nation and have
• The documentary that we use in junior high schools and high schools across the nation.
• Hirono, I have a stack of letters from high school students, junior high school students, and elementary
• Back home, the schools face multiple roadblocks. They don't want it in their schools.

Committee: Senate Senate Judiciary

Transcript Highlights:

• And then lastly we have Seth Orinberg from the University of New Hampshire, uh, the Franklin Pierce School
• :12:38.320><c> the</c><00:12:38.560><c> Franklin</c><00:12:38.959><c> Pierce</c><00:12:39.519><c> School
• </c> Hampshire uh the Franklin Pierce School Hampshire uh the Franklin Pierce School of<00:12:40.000>
• I'm a professor of law at the University of New Hampshire, Franklin Pierce School of Law.
• Hampshire, the University of New Hampshire, Franklin<00:13:32.560><c> Pierce</c><00:13:32.880><c> School

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.