1 New Subdivision; Commission to Study Stable Tokens and Real-World Assets Framework. Amend RSA 383 by inserting after section 25 the following new subdivision:

Commission to Study Stable Tokens and Real-World Assets Framework

383:26 Commission to Study Stable Tokens and Real-World Assets Framework. There is hereby established a commission to study the creation of a regulatory framework for stable tokens and tokenized real-world assets ("RWAs") in New Hampshire.

I. The commission shall study and make recommendations regarding the following:

(a) The current landscape of stable token and tokenized RWA regulation within and outside New Hampshire.

(b) Legal, financial, and technological considerations for a state-level regulatory framework.

(c) Best practices from other jurisdictions for stable token and RWA regulation.

(d) Potential benefits and risks associated with the adoption of stable token and RWA frameworks in New Hampshire.

(e) Mechanisms for consumer protection and risk management.

(f) Economic opportunities related to blockchain technology and digital assets, including fostering innovation and job creation.

II. The commission shall consist of the following members:

(a) Three members of the house of representatives, appointed by the speaker of the house of representatives.

(b) Two members of the senate, appointed by the senate president.

(c) The commissioner of the banking department, or designee.

(d) One representative from the blockchain technology industry, appointed by the governor.

(e) One representative from the New Hampshire banking industry with experience with digital assets, appointed by the governor.

(f) One representative from the academic community with expertise in financial regulation or blockchain technology, appointed by the governor.

III. The members of the study commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the first-named house member. The first meeting of the study commission shall be held within 30 days of the effective date of this section. Five members of the study commission shall constitute a quorum. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.

IV. The commission shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house commerce and consumer affairs committee, the senate commerce committee, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2025. The report shall describe the activities, findings, and any legislative or regulatory recommendations of the commission.

2 Repeal. RSA 383:26 and the subdivision heading preceding RSA 383:26, relative to the commission to study stable tokens and real-world assets framework, are repealed.

3 Effective Date.

I. Section 2 of this act shall take effect November 1, 2025.

II. The remainder of this act shall take effect upon its passage.

1 New Subdivision; Commission to Study Stable Tokens and Real-World Assets Framework. Amend RSA 383 by inserting after section 25 the following new subdivision:

Commission to Study Stable Tokens and Real-World Assets Framework

383:26 Commission to Study Stable Tokens and Real-World Assets Framework. There is hereby established a commission to study the creation of a regulatory framework for stable tokens and tokenized real-world assets ("RWAs") in New Hampshire.

I. The commission shall study and make recommendations regarding the following:

(a) The current landscape of stable token and tokenized RWA regulation within and outside New Hampshire.

(b) Legal, financial, and technological considerations for a state-level regulatory framework.

(c) Best practices from other jurisdictions for stable token and RWA regulation.

(d) Potential benefits and risks associated with the adoption of stable token and RWA frameworks in New Hampshire.

(e) Mechanisms for consumer protection and risk management.

(f) Economic opportunities related to blockchain technology and digital assets, including fostering innovation and job creation.

II. The commission shall consist of the following members:

(a) Three members of the house of representatives, appointed by the speaker of the house of representatives.

(b) Two members of the senate, appointed by the senate president.

(c) The commissioner of the banking department, or designee.

(d) One representative from the blockchain technology industry, appointed by the governor.

(e) One representative from the New Hampshire banking industry with experience with digital assets, appointed by the governor.

(f) One representative from the academic community with expertise in financial regulation or blockchain technology, appointed by the governor.

III. The members of the study commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the first-named house member. The first meeting of the study commission shall be held within 30 days of the effective date of this section. Five members of the study commission shall constitute a quorum. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.

IV. The commission shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house commerce and consumer affairs committee, the senate commerce committee, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2025. The report shall describe the activities, findings, and any legislative or regulatory recommendations of the commission.

2 Repeal. RSA 383:26 and the subdivision heading preceding RSA 383:26, relative to the commission to study stable tokens and real-world assets framework, are repealed.

3 Effective Date.

I. Section 2 of this act shall take effect November 1, 2025.

II. The remainder of this act shall take effect upon its passage.