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Commerce Committee clears a package of cryptocurrency and stablecoin bills including a state crypto reserve and DFS pilot

Commerce Committee · February 24, 2026

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Summary

The committee adopted strike‑all amendments and reported favorably several cryptocurrency bills: HB 1039 (state cryptocurrency reserve with State Board of Administration custody), HB 175 (payment stablecoin framework with OFR licensing), and HB 1415 (DFS stablecoin pilot). Industry witnesses including Ripple, Ledger and OFR testified in support.

Lawmakers presented a cluster of cryptocurrency and stablecoin bills. Representative Snyder and Representative Weinberger described HB 1039, a framework to create a strategic state cryptocurrency reserve; the strike‑all amendment assigned custody and management to the State Board of Administration and integrated reporting requirements with existing legislative reporting.

Representative Barnaby presented CS for HB 175, a state payment stablecoin framework to implement the federal "Genius Act" guidance at the state level; a strike‑all requires licensing by the Office of Financial Regulation (OFR) and adds other procedural safeguards. Representative Holcomb presented HB 1415 to authorize a Department of Financial Services (DFS) stablecoin pilot to accept regulated, fully backed stablecoins for DFS licensing and regulatory fees; the committee adopted strike‑all amendments with technical and consumer‑protection language.

Industry witnesses (including Ripple, Ledger, Satoshi Action Fund and OFR staff) waived in support. Amendments clarified governance, custody, licensing, fingerprinting and reporting requirements. All bills were reported favorably by roll call.