Transcript Highlights:

• gives them a benefit, a great benefit, but they have to work on the weekends, part-time job, or drive Lyft
• c> the weekends, part-time job, or drive the weekends, part-time job, or drive uh<00:58:47.480> Lyft
• deliver<00:58:49.120> Grubhub<00:58:49.840> because<00:58:50.520> they uh Lyft
• , or deliver Grubhub because they uh Lyft, or deliver Grubhub because they can't<00:58:51.320> make

Bills: HF3794, HF4472, HF4410, HF4347, HF4412, HF4398, HF4397, HF4201, HF4199, HF4203, HF3706, HF4071, HF4120, HF4175, HF4188

Keywords: surveillance, price discrimination, wage discrimination, automated decision systems, consumer protections, data privacy, biometrics, school district health insurance, charter school health benefits, employee benefits, public sector health insurance, health insurance survey, Legislative Budget Office, LBO report, premium costs, retiree coverage, broker commissions, third-party administrator, health plan transparency, health reimbursement arrangement

Transcript Highlights:

• It's about, for a Lyft ride, $17 to $27. ...on the light rail, if I recall.
• It's about, for a Lyft ride, $17 to $27. So there's a real equity argument to be made here.

Bills: SB1088, SB1156, SB1157, SB1169, SB1245, SB1273, SB1330, SB1332, SB1391, SB1498, SB1531, SB1550, SB1598, SB1677, SB1707, SB1811, SB1818

Keywords: cybersecurity, homeland security, artificial intelligence, state appropriation, VPN security, zero trust, appropriation, public safety, detention, unauthorized aliens, local government funding, border security, fencing, appropriations, southern border, local government, medical education, physician shortage, healthcare funding, Arizona health care

Summary: The committee heard and acted on several appropriation and policy bills, beginning with SB 1550, which would provide $1.255 million to Queen Creek for a three-year police pilot focused on runaway youth prevention, at-risk youth protection, and anti-trafficking investigations. Supporters said the program would dedicate trained officers to prevention and rapid response and could serve as a statewide model. Some members objected to funding a single locality without a local cost share, but the bill received a do pass recommendation, 7-2-1. Members then considered SB 1156 and SB 1157, both sponsored as reimbursements to local governments for border-related costs. SB 1156 would appropriate $20 million to reimburse cities, towns, and counties for short-term detention holds for unauthorized non-citizens, while SB 1157 would appropriate $20 million for supplemental fencing or bollard walls in high-crossing border areas. The sponsor described both as backfilling local expenses already incurred, while opponents argued the measures would subsidize detention and border enforcement rather than Arizona priorities. Both bills drew extensive public opposition and were advanced on party-line-leaning votes: SB 1156 passed 5-3-2 and SB 1157 passed 5-3-2. The committee also approved SB 1245, which would provide $2.457 million for Rodeo Road pavement replacement in Williams, after the sponsor said the request had been reduced from the original amount. Members raised concerns about limited HIRF funding and the need for local participation, but the bill passed 6-3-1. SB 1707, a $5 million appropriation for DPS artificial intelligence tools related to border security, also passed 6-4-0 after testimony split between supporters who saw AI as a useful border tool and opponents who said the bill was too vague or unnecessary. SB 1811, which would change school cell-phone policy language from allowing use “during” an emergency to “in the case of” an emergency, passed 8-1-1 with supporters saying it would give schools more flexibility and avoid logistical problems during lockdowns. Later, the committee approved SB 1088, a $2.5 million cybersecurity appropriation for the Department of Homeland Security, including funding for generative AI security and modernization of the statewide VPN, despite objections that the department had not requested the money and that other cybersecurity needs were already pending. It then advanced SB 1332, as amended, to require ADOT to study light rail expansion in Maricopa County and compare it with autonomous or semi-autonomous transit options; the hearing featured strong testimony from small business owners along the Indian School corridor who said light rail construction would hurt access and sales, and opposition from Phoenix/Valley Metro representatives who argued transit decisions are local and that ADOT is not the right entity to conduct the study. The bill was discussed at length as a neutral feasibility review rather than a prohibition after the amendment removed the state-participation ban.

Transcript Highlights:

• We found Lyft. Two people going the same place, same route, same time, charged $1.50 more.
• We found Lyft. Two people going the same place, same route, same time, charged $1.50 more.

Summary: The Assembly Privacy and Consumer Protection Committee met with a new membership roster and adopted its committee rules after quorum was established. The hearing then began with AB 412, the AI Copyright Transparency Act, which would require generative AI developers to provide copyright holders notice when registered copyrighted works are used in training data. The author and supporters, including SAG-AFTRA, the Transparency Coalition, voice actors, writers, labor groups, and other creators, argued the bill would give artists a practical way to learn whether their works were used and to vindicate their rights. Opponents, including EFF, CalChamber, RIAA, CCIA, Chamber of Progress, Bay Area Council, BSA, and TechNet, said the proposal was technically unworkable, could burden startups, conflict with existing law and pending litigation, and raise federal preemption concerns. Members discussed the bill’s amendments, including a fingerprinting approach and narrowing the bill to model developers, and the committee voted 8-2 to pass AB 412 as amended to the Judiciary Committee. The committee then heard AB 446, which would prohibit “surveillance pricing,” or the use of personal data to charge different prices for the same product or service. The author and supporters, including Consumer Watchdog, UFCW, labor organizations, and consumer/privacy groups, described examples of differential pricing tied to device type, location, shopping behavior, and digital price tags, and argued the bill would protect consumers from discriminatory and predatory pricing. Business and industry opponents, including CalChamber, grocers, retailers, travel, broadband, and other associations, said the bill could conflict with the CCPA, interfere with loyalty and rewards programs, and create confusion about personalized discounts and dynamic pricing. The discussion focused on how the bill would treat loyalty programs, whether existing privacy law already covers the issue, and whether the proposal would unintentionally affect legitimate discounts and promotions.

Transcript Highlights:

• I don't even know that we knew it was going to end up being annual there, but that is Lyft Technologies
• there,<01:00:17.839> but<01:00:18.400> that<01:00:18.799> is<01:00:19.440> Lyft
• annual there, but that is Lyft annual there, but that is Lyft Technologies<01:00:20.799> showcasing

Keywords: 958, all

Summary: The task force approved the October 14, 2025 meeting minutes and then heard a presentation from Austin Kaylor of WSP on alternative aviation fuels. Kaylor described an ongoing feasibility study focused on Cincinnati/Northern Kentucky International Airport and the other four commercial airports in Kentucky, with an eye toward both near-term use of alternative aviation fuel in existing supply chains and longer-term in-state production using local feedstocks. He said Kentucky’s current jet fuel use at the five airports is about 609 million gallons annually and could approach 1 billion gallons by 2050, and he outlined potential feedstocks such as soybeans, corn, and waste oils, along with existing logistics assets like river terminals, trucking, rail, and some pipelines. He also discussed federal and state policy support, including renewable fuel credits and the recent 45Z tax credit extension, and said the study suggests significant economic-development potential if Kentucky can leverage existing infrastructure and incentives. Members asked about the cost of sustainable aviation fuel, whether taxpayers would be subsidizing it, and whether food crops would be diverted from food use. Kaylor responded that the market is increasingly using second-generation and waste-based feedstocks, that federal incentives can cover much of the price differential, and that SAF is a direct substitute for conventional jet fuel with some efficiency benefits. He said demand comes from both U.S. and foreign carriers, including major U.S. airlines that have made emissions-reduction commitments. Members also raised the possibility of locating production in Appalachia to create jobs closer to feedstock sources; Kaylor said that approach has worked in other states and could fit Kentucky’s logistics network. The committee then heard from Leif Elder of the Utah Department of Transportation, who introduced himself and said he would discuss advanced air mobility legislation in Utah. The transcript cuts off before his substantive presentation, and no further votes or actions were recorded after the question-and-answer discussion on alternative aviation fuels.

Transcript Highlights:

• their wages are through an ADP or provider like that, or that they're doing gig work like Uber and Lyft
• work like that or that they're doing gig work like Uber<00:27:03.600> and<00:27:03.760> Lyft
• > Door<00:27:05.039> Dash<00:27:05.520> that<00:27:06.480> um Uber and Lyft
• or a Door Dash that um Uber and Lyft or a Door Dash that um they'll<00:27:07.679> be<00:27:07.760

Keywords: 1189, house, all

Transcript Highlights:

• I definitely understand, you know, like we went through the Uber and Lyft fights before; we have a lot

Transcript Highlights:

• Texas has been flourishing with two types: One is transportation network companies, like Uber and Lyft

Bills: SB 1493, SB 1598, SB 1895, SB 1919, SB 2039, SB 2226, SB 2243, SB 2425

Keywords: SB 1493, Texas Transportation Code, motor vehicle lighting, vehicle lighting standards, high-mounted stoplamp, center high mount stop lamp, CHMSL, brake light, stop lamp, federal motor vehicle safety standards, 49 C.F.R. 571.108, FMVSS 108, vehicle inspection, automotive compliance, Transportation Committee, Texas vehicle equipment, motor vehicle collision report, crash report, accident report, traffic accident

Summary: The committee meeting focused on two primary bills, SB1598 and SB1493. SB1598, introduced by Senator Hagen Booth, addresses the clarity of collision report information access for law enforcement, aiming to enhance the tools available to police agencies across Texas for solving crimes. The meeting featured strong support from police representatives, including Sheriff Brian Hawthorne of Chambers County, who emphasized the significance of the CARFAX program for police in facilitating access to vital vehicle information, free of charge. Public testimony reflected a consensus on the necessity of the bill for improved investigatory processes.

Transcript Highlights:

• heart, something association, Peyton Rose, Michelle, Louisiana Trans Advocates, Michelle Ehrenberg, Lyft
• Michelle Ehrenberg with Lyft, Louisiana. Rep.

Bills: HR249, HR251, HB395, HB902, SB83, SB132, SB157, SB338, SB450, SB484, SB501, SB507

Keywords: artificial intelligence, AI, BESE, State Board of Elementary and Secondary Education, content standards, K-12 education, public schools, curriculum, digital literacy, computer science, STEM, technology education, student privacy, ethical AI, workforce development, future-ready workforce, instructional resources, education policy, school standards, Louisiana education

Transcript Highlights:

• And Lyft charged some riders more based on the amount of battery left in their phone.
• And Lyft charged some riders more based on the amount of battery left in their phone.

Summary: The committee heard testimony on several bills. AB 416 would allow emergency room physicians to initiate 5150 mental health holds, with supporters saying it would reduce emergency room bottlenecks and speed care for patients in crisis. County and behavioral health representatives opposed the bill, and some members raised broader concerns about the 5150 system and juvenile placements. The bill was ultimately approved on a do-pass as amended vote. AB 446, the Surveillance Pricing Act, drew extensive testimony. The author and supporters argued it would prohibit businesses from using personal data to charge different prices for the same product or service, describing the practice as discriminatory and exploitative. Business and industry groups opposed the bill, warning that its language was too broad, could affect discounts and loyalty programs, and would create litigation risk through a private right of action. After discussion about enforcement and possible amendments, the bill passed on a do-pass motion. AB 632 would give local governments a faster way to collect penalties for serious code violations, including unsafe housing, fire hazards, and illegal cannabis activity, by allowing certain fines to become money judgments and clarifying lien authority. It had support from county and city groups and no opposition was voiced in the hearing; the bill passed as amended. ACA 7, a constitutional amendment intended to clarify and limit misuse of Section 31A, also moved forward after brief support testimony. The committee then took up AB 649, which would extend protections for businesses that proactively obtain certified access specialist inspections and fix accessibility violations; the author, a small business owner, and others testified in support, while disability rights groups moved to neutral after amendments. Members discussed the balance between access enforcement and reducing predatory litigation, and the bill was still under consideration as the transcript ended.

Transcript Highlights:

• This mirrors existing consumer protection standards for other platforms like Uber and Lyft, and vacation

Summary: The Assembly Insurance Committee met as a subcommittee at first because a quorum was not initially present, then later established a quorum and heard several bills. The main special-order item was AB 1795 (Gibson), which would create statewide standards for testing, inspection, and remediation of wildfire smoke damage in homes, with CalEPA and public health agencies developing science-based standards and insurers required to follow new claims-handling timelines. Supporters, including Insurance Commissioner Ricardo Lara and wildfire survivors, said the bill would bring consistency and safety; insurers and consumer groups generally supported the concept but sought further amendments on scope, standards, and claim handling. The committee voted do pass as amended and refer AB 1795 to Appropriations, with the roll held open for later additions. The committee also considered AB 1576 (Ortega) on the Subsequent Injury Benefit Trust Fund, which would make changes intended to reduce litigation and employer assessments while preserving the program’s purpose of encouraging hiring of workers with prior disabilities. Labor-side witnesses supported the bill as a reform step, while business, public entity, and insurance groups opposed it, arguing it did not address the core structural problems and that a trailer bill was a better vehicle for broader reform. AB 1576 was voted do pass to Appropriations, with the roll held open. AB 1931 (Papan) would create an optional limited-lines license for utilities to offer home protection products for repairs to appliances and utility service lines. Support came from HomeServe, utilities, and industry groups, who said the bill would clarify current law and add consumer protections such as training, disclosures, and a free-look period; there was no opposition in the room. The committee passed AB 1931 to Appropriations. AB 2361 (Pacheco) would limit vicarious liability for peer-to-peer vehicle-sharing platforms like Turo while preserving insurance coverage requirements; supporters said it would align California with other states, while consumer attorneys opposed it as reducing accountability and consumer recovery. The committee passed AB 2361 as amended to Appropriations. AB 2098 (Kalra), heard later, would require employers to allow leave for workers to attend treatment for occupational injuries during work hours, subject to notice and business-necessity limits; labor groups supported it and business and insurance groups sought narrower standards. It was also voted do pass to Appropriations. The committee then completed roll-call add-ons and adjourned.

Transcript Highlights:

• is a very real scenario added in all of the options that are available to an individual now, Uber, Lyft

Bills: SB1936, SB1612, SB1543, SB1260, SB1988, SB1859, SB2041, SB1257, HB4272, HB3277, HB3148, HB3651, HB3323, HB4287, HB4105, HB3304, HB3345

Keywords: forfeiture, criminal offenses, law enforcement, Class D1 offenses, property seizure, SB1612, mandatory reporting, violent injury reporting, gunshot wound, stab wound, poisoning, burn injury, explosive injury, medical reporting, healthcare providers, law enforcement notification, evidence preservation, patient video records, confidentiality waiver, misdemeanor penalty

Transcript Highlights:

• And so she's now taking an expensive $30 Lyft each way.

Transcript Highlights:

• Good afternoon, Timothy Burr, on behalf of Lyft, in opposition. Thank you.

Keywords: 988, house, all

Summary: The Assembly Labor and Employment Committee heard several bills focused on worker protections, enforcement, and technology in the workplace. SB 909 would strengthen enforcement of public works prevailing wage laws by raising contractor registration fees and penalties and directing part of penalty revenue back to enforcement; labor groups supported it as a way to deter wage theft, while contractor groups opposed the fee and penalty increases as burdensome and potentially costly for public projects. The committee members generally expressed support for stronger enforcement but also concern about the state’s backlog and capacity to enforce the law. SB 909 passed on a due pass vote and was re-referred to Appropriations. The committee also considered multiple bills addressing AI and workplace rights. SB 951 would require 60-day notice when technology displaces 25 or more workers and would require reporting on AI-related job impacts; labor and education groups supported it, while business, public sector, and industry groups argued it was premature and overbroad. SB 947 would require human review of automated discipline, termination, or deactivation decisions and prohibit predictive behavior analysis; supporters said it would prevent algorithmic abuse, while opponents raised concerns about independent contractors, private rights of action, and forum shopping. Both bills advanced on party-line style votes to the Committee on Privacy and Consumer Protection. The committee also approved SB 1149, which would expand bereavement leave to cover a “designated person” equivalent to family, with emotional testimony from a witness describing the loss of a long-term partner. Supporters said the bill reflects modern family structures, especially for LGBTQ and older Californians; there was no opposition. SB 1185, applying skilled-and-trained workforce standards to pharmaceutical facility construction, also passed despite opposition from contractors and business groups who said there was no demonstrated safety problem and warned of higher costs and fewer bidders. In addition, the committee approved consent-calendar bills SB 1316, SB 1046, and SB 1059, and left rolls open for absent members before adjourning.

Transcript Highlights:

• Good afternoon, Timothy Burr on behalf of Lyft, in opposition. Thank you. Seeing no other comments.

Summary: The Assembly Labor and Employment Committee heard several bills focused on worker protections, AI in the workplace, bereavement leave, and construction labor standards. SB 909 by Senator Smallwood-Cuevas would increase public works contractor registration fees, raise prevailing wage and related penalties, and direct half of collected penalties back into the Public Works Enforcement Fund. Supporters said the bill would help combat wage theft and misclassification and strengthen enforcement; opponents argued the higher fees and penalties would burden contractors without fixing enforcement backlogs. The committee voted the bill out on a due pass motion to Appropriations. The committee also approved SB 951 by Senator Reyes, which would require 60-day notice when 25 or more workers are displaced by technology and require reporting on AI-related job impacts. Supporters framed it as a response to rapid AI-driven layoffs and a way to gather real-time data; opponents raised concerns about small employers, proprietary information, and litigation. SB 947 by Senator McNerney, the “No Robo Bosses Act,” would require human review of automated discipline, termination, or deactivation decisions and restrict predictive behavior analysis. Supporters said it would prevent biased or mistaken automated decisions; opponents objected to the inclusion of independent contractors, private rights of action, and other provisions. Both bills were advanced to the Committee on Privacy and Consumer Protection. The committee also passed SB 1149 by Senator Durazo, which would expand bereavement leave to cover a “designated person,” including chosen family relationships. Supporters, including AARP and a witness who described losing a long-term partner, said the bill reflects modern family structures; there was no opposition. In addition, SB 1185 by Senator Cortese, applying skilled and trained workforce standards to pharmaceutical facility construction, was approved despite opposition from business and construction groups who said there was no demonstrated safety problem and that the mandate could raise costs and reduce competition. Several other bills on the consent calendar were also approved, and all measures were reported out of committee.

Transcript Highlights:

• but are currently working seniors, they're working, you know, at Walmart, they're driving Uber and Lyft

Keywords: 1182, all

Summary: The House convened with prayer, the Pledge of Allegiance, approval of the prior journal, and introductions of the Doctor of the Day and student guests, including JAG students and Hila Ben High School visitors. Attendance was recorded at 49 present, 3 absent, and 8 excused. The chamber then moved into Committee of the Whole to consider HB 2153, the annual tax conformity bill, which was described by supporters as aligning Arizona tax law with recent federal changes and providing relief through no tax on tips and overtime, a 25% increase in the child tax credit, a new child care expense deduction, and expanded senior retirement-income deductions. Opponents argued the measure would primarily benefit wealthy individuals and corporations, leave out some seniors without retirement accounts, and reduce revenue needed for public services. HB 2153 drew extensive debate and multiple questions about its effects on seniors, small businesses, wages, child care, and the timing of tax filing forms already issued by the Department of Revenue. Supporters emphasized taxpayer certainty, conformity with federal forms, and economic growth; critics said the bill was fiscally irresponsible and unfair. The Committee of the Whole approved the bill 31-26, and the House later adopted the report and referred the bill to engrossing. The House then took up the Senate mirror measure, SB 1106, substituted for HB 2153, and held floor explanations of vote. After further debate along similar lines, the House passed SB 1106 by a vote of 31-27 with 2 not voting and transmitted it to the Senate. The remainder of the session included personal privilege remarks, committee schedule announcements, a long list of first-read bills and referrals, and finally a motion to adjourn until Tuesday, January 20, 2026.

Transcript Highlights:

• I tip my Uber drivers and Lyft drivers.

Transcript Highlights:

• who work<04:45:20.080> for<04:45:20.320> Uber<04:45:20.638> or<04:45:20.798> Lyft
• or<04:45:21.200> one<04:45:21.360> of<04:45:21.440> those work for Uber or Lyft
• general in Massachusetts is something that exists as long as you are working with Uber and Lyft, right
• And so if you are driving with Uber or Lyft, you would be able to enter into this arrangement.
• If you are driving with Uber or Lyft, you would be able to enter into this arrangement.

Keywords: 1189, house, all

Transcript Highlights:

• Colleagues, I'm sure all of us are very familiar with Uber and Lyft, but we don't necessarily pay a lot
• all of us are very familiar with<00:43:10.000> Uber<00:43:10.400> and<00:43:10.680> Lyft
• ,<00:43:11.200> but<00:43:11.360> we<00:43:11.520> don't with Uber and Lyft,
• but we don't with Uber and Lyft, but we don't necessarily<00:43:12.760> pay<00:43:13.000>
• several weeks of work between the drivers and those advocating on their behalf, as well as Uber and Lyft

Keywords: Senate streaming session for Tuesday, March 10, 2026, 960, senate, all

Summary: The Senate convened on March 10, 2026, established a quorum, and began with an invocation by Reverend Damien Flowers, which was journalized without objection. The chamber then recognized several guests and honorees, including Dr. Courtney Glickman for being named 2025 Play Therapist of the Year, Sigma Gamma Rho Sorority, Dr. Sonja B. Santelises for her leadership of Baltimore City Public Schools, students shadowing legislators, Navy Alliance representatives, the Maryland Alliance for Advocacy for Sickle Cell, and Ms. Kimberly Body for her lupus advocacy. The Senate also journalized prior remarks about the 6888 regiment. The Finance Committee report then moved several bills forward. Senate Bill 348 would allow hospitals and freestanding birthing centers to contact, rather than only call, patients after high-risk pregnancies; its amendments were adopted and the bill was ordered to third reading. Senate Bill 390 on Wicomico County liquor licenses was laid over under the rule. Senate Bill 492, addressing massage therapy advertising and prohibiting misleading sexual-service advertising, was amended and sent to third reading. Senate Bill 562, concerning pharmacist-prescriber agreements for opioid use disorder treatment, was amended and advanced. Senate Bill 773 would let pharmacists order certain vaccines, including intranasal flu vaccines, for self-administration and was advanced without amendment. Senate Bill 53, on Maryland Port Administration land acquisition notice in Anne Arundel County, was amended and advanced. Senate Bill 428 would bar cost-sharing for collaborative care model services under Medicaid and private coverage and was advanced without amendment. Senate Bill 473 would require human trafficking awareness training for for-hire and transportation network drivers; its amendments were adopted and it was sent to third reading. Senate Bill 585 would shift administration of the human relevant research fund from Health to Agriculture and was advanced. Senate Bill 606, the Easy Pass Commuter Fairness and Transparency Act, would require an MDTA report on commuter plans and unused trips; its amendment was moved as the transcript ended. During debate on Senate Bill 917, which would expand the definition of audiology practice to include certain screenings and non-radiographic imaging, a senator questioned whether the bill would make Maryland the only state restricting a health occupation from performing Medicare-required screenings. The floor leader said the committee had heard that claim in testimony but had not verified it, and the senator moved to special order the bill for amendment, which was granted without objection. Most other bills were reported favorably, with committee amendments adopted without objection and several bills ordered printed for third reading.

Transcript Highlights:

• as Favor, DoorDash, and Uber Eats, along with transportation network companies (TNCs) like Uber and Lyft

Bills: HB 1301, HB2278, HB2776, HB2820, HB3848, HB3920, HB4172, HB4215, HB4284, HB4285, HB4463, HB4517, HB4690, HB4765, HB4766, HB4767, HB4768, HB4769, HB4773, HB4830, HB5506

Keywords: alcohol, beverages, winery permit, restaurant, malt beverages, Texas Alcoholic Beverage Code, alcohol production, home brewing, family use, craft beverages, massage therapy, licensing, criminal offenses, sexually oriented businesses, public safety, bingo, charitable gaming, operating capital, regulation, funding

Transcript Highlights:

• Nearly every other blockchain that exists has the surge pricing that you may experience with Uber or Lyft
• experience<01:36:20.880> with<01:36:21.600> Uber<01:36:22.000> or<01:36:22.239> Lyft
• <01:36:22.960> Um<01:36:23.760> except experience with Uber or Lyft.
• Um except experience with Uber or Lyft.

Keywords: 1189, house, all

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