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From YouTube: 2/17/2021 - Senate Committee on Government Affairs
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A
C
A
A
As
you
know,
the
legislative
building
is
currently
closed
to
the
public,
so
all
committee
meetings
will
be
held
virtually
meaning
committee,
math
members
staff
and
everyone
else
is-
will
be
participating
either
through
zoom
or
by
telephone.
As
in
previous
sessions,
all
committee-related
information
is
available
on
nellis,
which
is
accessible
from
the
legislature's
website.
A
Just
a
note,
while
the
meeting
registration
is
required
to
participate,
it
does
not
guarantee,
you
will
be
able
to
speak,
and
when
you
are
on
the
phone
line,
please
pay
attention
to
which
bill
we
are
being
considering
and
follow.
The
verbal
prompts
provided
by
the
bps
staff
so
that
you
know
which
keys
to
raise
your
hand
or
unmute
yourself.
Staff
will
call
on
you,
speak
by
the
last
three
digits
of
your
phone
number.
A
So
if
you
need
any
assistance
with
these
processes,
please
would
reach
out
to
the
committee
check
manager
at
the
email
list
on
the
agenda
and
just
a
reminder.
When
we
have
period
of
public
comment,
you
will
be
given
two
minutes
per
speaker
today.
We
are
going
to
start
with
senate
bill
39.
A
D
Good
afternoon,
chair
and
committee
members
for
the
record,
I
have
the
great
pleasure
of
being
treasurer
of
the
state
of
nevada,
zach
conan.
It's
my
pleasure
to
be
here
today
to
present
to
you
senate,
bill
39
and
I'd
like
to
start
off
by
thanking
the
chair
and
lcb
staff
for
all
their
help
over
the
last
week,
or
so,
as
we
got
this
one
wrapped
up.
So
thank
you.
Senate
bill
39
makes
a
handful
of
changes
to
nevada
law
which
will
modernize
the
way
the
state
does
business.
D
The
bill
does
so
by
updating
nevada
laws
to
allow
state
local
governments
and
other
governmental
entities
to
accept
transactions
through
digital
representations
of
dollars,
most
commonly
referred
to.
As
quote
stablecoin
stablecoin
refers
to
a
type
of
payment
method,
not
necessarily
one
specific
brand
or
company
that
utilizes
them.
These
changes
would
apply
to
transactions.
Residents
have
with
the
government
such
as
registering
a
car
at
the
dmv
or
paying
for
a
phishing
license,
let's
be
specific
as
to
what
this
does
and
what
we're
talking
about.
D
This
isn't
for
bitcoin
and
other
cryptocurrencies
that
have
their
own
inherent
supplier
demand
cycles.
What
we're
talking
about
here
are
stable
coins,
a
digital
representation
of
money
that
exists
in
a
bank
somewhere.
That's
this
is
an
extension
of
taking
checks
or
electronic
transfers
of
funds
of
taking
credit
cards
or
something
like
paypal
or
venmo
walking
through
the
bill.
D
Section
three
permits
the
state
treasurer
upon
approval
from
the
state
board
of
finance
to
enter
into
contracts
with
technology
providers
who
provide
for
stable
coin
transactions,
as
described
in
sections
one
two
and
four,
the
state,
local
governments
and
other
government
entities
may
participate
in
such
contact
contracts.
Excuse
me
to
accept
stable
coins
and
government
transactions,
while
state
agencies,
local
governments
and
constables
may
participate
in
the
contracts
with
these
vendors.
D
They
would
not
be
required
to
do
so
and
would
not
be
required
to
accept
these
payments
if
they
chose
not
to
this
language
mirrors
existing
statute,
which
allows
the
state
to
contract
and
receive
payments
through
credit
card
providers
again
think
about
this,
like
an
extension
of
credit
cards,
but
just
like
credit
cards.
If
an
agency
chooses
not
to
accept
them
now
they
don't
have
to
the
treasurer's
office
is
simply
here
to
make
sure
that
that
transaction
is
available
and
as
safe
as
possible.
D
Leading
financial
institutions
across
the
world,
including
visa
and
jp
morgan,
are
exploring
and
adopting
methods
of
stablecoin
payments.
Further.
Just
last
month,
the
federal
government
issued
guidance
allowing
for
the
adoption
of
such
payments
at
federally
chartered
banks,
federal
government
likens,
the
technology
to
that
of
debit
cards,
wherein
a
digital
value
is
stored
on
a
debit
card.
A
digital
value
excuse
me,
where,
in
a
digital
value,
is
stored
on
a
debit
card,
a
digital
value
is
then
stored
on
a
stable
coin.
D
In
today's
connected
world
technology,
changes
rapidly
and
government
is
often
the
last
to
keep
up
senate
bill.
39
presents
an
opportunity
for
the
state
to
not
only
keep
up
but
to
forge
a
path
ahead.
That
concludes
my
presentation,
and
I
thank
you
for
all
your
time
in
consideration
of
senate
bill
39
this
afternoon,
love
to
take
any
questions.
A
Thank
you
very
much
questions
from
the
committee
there,
I'm
looking
senator
neal,
please
thank
you.
C
So
I
had
a
couple
of
questions
on
this
stable
coin,
so
I
was
reading.
There's
a
federal
reserve
article
that
was
presented
to
the
board
of
board
of
governors
of
the
federal
reserve
system
in
december
of
2019,
and
it
was
called
update
on
digital
currency,
stable
coins
and
the
challenges
ahead.
And
there
were
a
couple
of
things
that
were
listed,
and
so,
if
you
could
break
out
number
one
stable
coin
is
tied
to
a
reserve
asset
right.
D
Treasure
conan
for
the
record,
so
I
don't
want
to
speak
out
of
turn
here,
but
here's
what
we're
talking
about
and,
as
we
understand
kind
of
the
focus
of
stable
coins,
so
first
off
remove
derivative
from
the
universe.
The
idea
here
is
to
provide
a
digital
representation
of
a
u.s
dollar
or
something
else
like
an
ounce
of
gold
or
an
ounce
of
silver
that
can
be
transacted
and
paid
used
to
pay
for
government
services
right.
D
That's
the
reserve
currency
we're
talking
about
so
instead
of
something
like
say:
bitcoin,
which
exists
with
its
own
supply
and
demand
where
the
value
of
bitcoin
is
worth
whatever.
Someone
is
going
to
pay
for
bitcoin
and
et
cetera,
et
cetera,
and
it
goes
up
and
down.
Stable
coins
are
tied
to
things
like
the
u.s
dollar,
which,
though
they
have
their
own
inflationary
pressures,
are
it's
just
like
taking
payment
in
a
credit
card,
or
something
like
that?
I
hope
I
answered
your
question
specifically
for
the
record.
C
Yeah,
thank
you
a
little
bit
because
I
mean
when
I
was
researching
it
they're
not
all
tied
to
the
us
dollar
right
because
it
crosses
borders,
and
so
the
asset
that
backs
it
could
be
a
us
dollar
could
be.
Gold
could
be
something
else,
but
I'll
just
get
into
my
second
issue
also
when
I
was
reading
and
researching
the
stable
coin.
One
of
the
challenges
is
that
stable
coin
can
put
consumers
at
risk.
C
So
when
they
were
examining,
there
were
estimated
losses
of
in
one
in
2018
of
1.7
billion
because
of
how
it
operates
within
the
economy.
It's
a
it's
an
alternate
form
of
currency,
and
then
there
was
also
losses,
estimated
losses
of
4.44
billion
in
2019,
and
the
issues
that
came
up
in
the
research
that
I
did
was.
These
losses
can
be
attributed
to
a
couple
of
things:
number
one:
weak,
anti-monarch,
anti-money
laundering
controls
weak
counter-terrorist
financing
protections
amongst
other
things.
So
can
you
speak
to
that.
D
I
sure
can
and
and
treasure
conan
for
the
record
thanks
for
bringing
this
up,
because
that's
a
really
good
differentiation
between
what
we're
talking
about
and
the
broader
use
of
crypto
currencies
in
general,
so
the
stable
coins
you're
referring
to
are
stable
coins
that
are
pegged
to
the
u.s
dollar,
but
not
actually
tied
to
a
u.s
dollar,
so
the
delta
is.
This
is
a
stable
coin.
D
That's
issued
that
is
worth
a
dollar
or
worth
a
euro
or
something
else,
but
there
isn't
actually
a
dollar
in
a
bank
somewhere
in
order
for
the
state
to
meet
its
responsibilities
and
my
fiscal
and
fiduciary
responsibilities
as
the
treasurer
or
whoever
the
next
treasurer
is
you
actually
need
to
have
a
dollar
backing
it
up.
So
this
is
a
digital
representation
of
a
dollar.
D
That's
in
a
bank
somewhere,
as
opposed
to
some
of
these
stable
tokens
which
are
tied
to
the
value
of
a
dollar,
but
there's
no
actual
dollar
there
right,
so
the
value
is
is
set,
but
the
number
of
tokens
isn't
controlled.
It's
the
difference
between
going
from,
say
the
gold
standard
to
a
fiat
currency.
This
is
the
gold
standard.
D
There
is
something
in
a
bank
somewhere,
and
so
when
you
look
at
the
losses
that
have
been
have
happened
in
bitcoin
or
stable
coin
or
anything
else
right,
those
aren't
tied
to
actual
u.s
dollars
in
a
bank
somewhere.
This
would
be
tied
to
us
dollars
in
a
bank
somewhere
as
controlled
by
our
other
regulations,
and
so
I
think
that's
a
really
important
point.
I'm
glad
you
brought
it
up
so
thanks
for
that.
I
think
the
other
piece
specifically
is
the
state
contracts
in
u.s
dollars.
D
We're
not
going
to
enter
into
an
agreement
with
something
that's
backed
by
something
that
isn't
us
dollars
right,
we're
not
going
to
enter
into
an
agreement
to
take.
I
don't
know
chinese
yuan
or
or
pound
sterling,
or
something
else
right
when
the
state
does
get
those
dollars
every
once
in
a
while
in
say,
like
a
safety
deposit
backs
for
unclaimed
property,
they
immediately
get
transported
or
transmitted.
D
Excuse
me
transferred
into
u.s
dollars
right
that
exchange
happens
right
away,
and
the
same
thing
happens
here
if
you'll
notice
in
the
bill
there's
a
24-hour
period,
so
it's
not
like
the
state
would
be
getting
paid
in
these
assets
and
then
hanging
out
right.
The
state
gets
paid.
It
immediately
becomes
the
cash
that
it's
backed
by
and
the
state
carries
on
with
its
business.
So
it's
as
protected
from
loss
as
any
transaction
in
u.s
dollars
would
be.
C
Thank
you.
So
I
was
bringing
this
up
because
I
understand
this
is
a
state,
but
these
were
the
concerns
that
were
brought
up
at
the
federal
level
and
on
a
national
scheme
tied
to
this
particular
currency.
And
so
I
want
to
bring
up
just
a
third
point.
C
C
So
I
under
I
get
what
you're
saying
about
the
backing,
but
I
want
to
talk
about
this
other
issue
in
terms
of
of
who's
in
the
network,
right
who
is
then
providing
potentially
this
asset
that
is
being
backed
in
a
commercial
bank
and
and
this
lack
of
clarity.
So
because,
if
the
federal
reserve
is
feeling
that
there
is
a
lack
of
clarity
around
the
management
of
the
reserve
and
the
rights
of
responsibility
of
the
participant,
and
how
can
the
state
of
nevada
manage
that
better?.
D
Well,
senator,
I
think
that's
where
we
need
to
make
some
clarity
between
stable
coin
and
digital
representations
of
physical
assets
right.
So
in
what
you're
talking
about?
As
I
understand
it,
you've
got
stable
coins
out
there
that
are
put
out
by
a
third-party
participant
right
and
there
might
be
assets
somewhere,
but
there's
no
direct
tie.
What
we're
talking
about
is
stable
coins
put
out
by
agencies
where
we
can
go
look
at
the
collateral
in
the
same
way
that
we
know
when
someone
is
saying
coming
with
mx
right
that
american
express
is
behind
that
transaction.
D
D
We
work
with
ones
that
we're
able
to
verify
that
are
u.s
based
where
we
make
sure
that
the
bills
are
going
to
get
paid
when
they
happen,
in
the
same
way
that
we
don't
extend
credit
to
businesses
that
we
haven't
done
business
with
before,
and
I
mean
all
of
the
protections
that
are
in
place
would
be
in
place
for
this.
It's
exactly
the
same
as
taking
a
check
and
literally
exactly
the
same
as
taking
a
check,
except
that
we
get
the
money
sooner.
It
gets
verified
sooner
and
it's
cheaper
for
the
state.
E
Thank
you,
madam
chair
and
treasurer
conor,
and
I
will
nevada
be
breaking
ground
with
this
or
are
there
other
states
that
presently
have
the
system
in
place.
D
Treasurer
conan
to
the
record,
there's
other
states
who
are
looking
at
it.
At
the
same
time,
the
city
of
miami
is
actually
starting
to
take
crypto
currencies,
not
what
we're
talking
about.
But
what
we're
talking
about,
plus
the
whole
range
of
things
like
bitcoin
and
ethereum.
We
expect,
as
those
exchanges
become
more
prevalent,
that
folks
are
going
to
take
this.
D
Frankly,
I
think
what
we're
trying
to
do
is
just
dip
our
toe
a
little
bit
into
the
stable
coin,
water,
in
the
same
way
that
we've
done
in
past
legislation
that
did
things
like
allow
the
washoe
county
assessor's
office
to
keep
records
in
blockchain.
We
want
to
be
ahead
of
these
things,
while
still
making
sure
we're
fully
protected,
and
we
think
that
this
is
just
enough
of
toe
in
the
water
to
say:
hey
we're
interested
in
this
kind
of
universe.
D
We
want
to
make
sure
that
nevadans
have
as
many
options
to
pay
their
bills
as
possible.
We
want
to
keep
their
costs
down,
and
we
know
that
this,
if
done
correctly,
and
I
think
to
senator
neil's
point
that
that
is
a
deep
concern
of
ours.
Whenever
we're
dealing
with
anything
monetarily,
but
if
done
correctly,
can
actually
save
people
quite
a
bit
of
money.
A
Thank
you
very
much.
I
always
have
to
find
the
unmute
here
real
quick.
Thank
you
all
right,
additional
questions.
F
F
Thank
you
honestly.
This
whole
thing,
I'm
kind
of
wondering.
Is
there
actually
a
big
demand
on
the
state?
To
do
this,
I
mean
I
I
senator
neil
just
touched
on
some
of
the
concerns
I
have,
and
it
does
seem
to
reflect
at
some
point
on
the
bitcoin
issues
and
things
like
that.
That,
frankly,
are
highly
confusing
to
me.
Also,
is
there
any
kind
of
prohibition
in
the
nevada
constitution
about
paying
your
bills
with
anything
but
legal
currency?
F
D
Treasurer
conan
for
the
record.
I
appreciate
the
question,
so
this
is
legal
currency
right,
it's
another
representation
of
it
in
the
same
way
that
if
someone
was
paying
with
a
credit
card
right,
that's
not
the
same
as
walking
into
say
their
local
constable's
office
and
handing
them
a
hundred
dollars
in
greenbacks
right.
This
is
just
a
digital
expansion
of
that
now.
D
One
of
the
reasons
we
want
to
put
it
into
statute
versus
say
just
doing
it
in
the
same
way
that
we
don't
necessarily
contract
a
new
piece
of
statute
when
we
do
paypal
or
zell
or
something
like
that
is
because
we
want
companies
to
know
that
nevada
is
open
for
business,
to
try
and
attract
businesses
that
do
this
kind
of
thing
to
try
it
here
and
the
the
state
gives
us
a
really
controlled
mechanism
right.
We
only
have
one
payee
at
the
state
level.
It
all
goes
through
our
office.
D
We've
got
the
board
of
finance
and
gfo
and
ifc,
as
it
backs
up
to
make
sure
that,
as
we
put
regulations
in
place,
it
can
be
as
safe
as
possible.
There
is
demand
for
this.
We
know
that
jp
morgan
is
doing
it.
We
know
that
wells
is
looking
at
it.
We
know
the
chase
is
looking
at
it.
Bank
of
america
is
looking
at
it.
Other
states
are
looking
at
it.
D
There
is
a
massive
amount
of
customer
demand
for
products
like
this,
and
we
know
that
if
we
put
something
out
there,
it
gives
people
another
option
to
pay
and
hopefully
saves
them
some
money.
The
other
benefit
to
something
like
this.
It
doesn't
cost
us
anything
right.
It
doesn't
actually
cost
the
state
anything
to
offer
this
service.
Unless
somebody
wants
to
pay
an
end,
if
they're,
when
they
want
to
pay
in
it,
they're
willing
to
pay
the
fees
associated
with
it,
just
like
american,
express
or
mastercard
or
visa,
or
something
like
that.
F
Well,
you
have
to
pardon
me
treasurer,
I'm
a
little
confused
on
it.
The
whole
bitcoin
thing
is:
I'm
I'm
old
enough
to
remember
when
people
argue
about
using
silver
coins
versus
fake
yeah
sure,
so
I'm
intrigued
by
it.
F
My
honestly,
my
initial
instinct
is
like
whoa
we're
kind
of
going
down
a
rabbit
hole
that
makes
me
very
nervous
on
behalf
of
the
state
if
private
sector
people
wanted
to
do
this,
like
you
mentioned
jp
morgan,
those
types
of
outfits,
fine
and
dandy,
but
in
this
case
it's
the
government
of
the
state
of
nevada,
it's
basically
getting
ahead
of
the
curve
and
that
that
always
just
a
little
bit
makes
me
a
little
uncomfortable
so
anyway,
I
appreciate
your
presentation,
I'm
sure
I'll
be
hearing
more
about
it
here
in
the
next
next
few
days.
A
Thank
you
very
much
additional
questions
from
the
committee.
I
think
senator
neil
had
one
more
question.
Go
ahead,
please
dude!
Thank
you.
C
So
I
I
just
have
a
little
bit
more,
you
know
so
when
I
was
reading
some
of
the
challenges-
and
I
and
I-
and
I
want
this
to
be
addressed
on
the
record
when
we're
talking
about
the
network-
that
I
guess
is
engaging
in
the
activity
with
stablecoin
the
what
popped
up
that
was
interesting
to
me.
With
this.
They
said
that
less
than
one-third
of
these
cryptocurrency
networks
require
id
verification
and
proof
of
address,
and
so,
although,
yes
back
by
the
u.s
dollar,
there
seemed
to
be
some.
C
I
guess
concern
that
who
was
involved
was
not
always
clear
in
a
transaction,
because
I
know
you're
saying
that
it's
backed
by
the
u.s
dollar,
but
the
asset
itself
can
also
be
not
just
a
u.s
dollar,
and
so
I
just
want
to
break
this
down,
because
the
way
I'm
interpreting
this
bill
is
that
it
is
connected
to
this
innovation
city
and
that
this
is
a
foundational
piece
for
it
to
work.
D
Treasurer
conan
for
the
record:
it's
not
connected,
so
the
ability
for
us
to
take
payment
in
the
form
of
stable
coins
and
innovation
zones,
at
least
to
the
extent
that
I
understand
them,
have
nothing
to
do
with
each
other.
The
thing
that
you're,
referring
to
specifically
as
far
as
being
able
to-
and
I'm
sorry-
I
don't
know
if
I
said
treasure,
conan
for
the
record
but
trader
conan
for
the
record
when
it
comes
to
knowing
your
customers,
anti-money
laundering.
D
All
of
those
rules
are
in
place
in
different
parts
of
our
banking
laws
and
regulations
and
statute
and
best
practices
and
the
things
we
have
to
do
in
order
to
be
a
depository
institution.
They're
all
separate
from
this.
This
is
how
money
comes
in.
So
by
definition,
we
have
to
know
who
the
customer
is.
On
the
other
side,
we
can't
accept
a
payment
for
a
piece
of
property
tax
without
knowing
who's
paying
it.
We
can't
do
it
right
now,
right,
there's
federal
rules
and
restrictions
around
that.
None
of
those
are
changed
by
this
bill.
D
It's
a
thing
that
is
going
to
happen
around
the
world.
I
think
our
opportunity
here
is
to
be
first
try
to
attract
some
of
those
companies
here
right
and
I'm
talking
about
companies
like
wells
fargo.
Where
are
they
going
to
do
their
initial
rollout
of
their
stablecoin?
Is
it
going
to
be
here
or
is
it
going
to
be
in
another
state?
What
state
is
going
to
get
the
benefit
of
those
transactions
that
that's
our
goal
here?.
C
And
thank
you
for
that
treasurer
conine,
it's
just
that.
I
mean
I
have
hesitancy
around
it
because
it
is
an
alternate
form
of
currency,
and
I
understand
that,
in
order
for
it
to
become
a
recognized
form
of
currency,
it
has
to
be
legitimized
through
state
government
and
other
entities
in
order
for
it
to
be
a
legitimate
thing,
and
so
the
more
it
becomes
widely
it's
accepted.
C
The
more
its
use
becomes
something
that's
common.
I
guess
I
am
on
the
side
of.
I
don't
want
it
to
be
common.
I
don't
want
it
to
be
actually
legitimized,
and
so
I
guess
that's
why
my
my
questions
are
there,
because
I'm
still
not
in
a
place
where
I
feel
like
cryptocurrency,
stablecoin
or
any
form
of
it
has
made
its
way
into
a
space
where
monetary
policy
in
general
is
not
at
risk,
and
so
that's
my
opinion.
C
Although
I
understand
that
people
want
to
be
creative
and
and
these
currencies
are
now
out
there,
but
this
is
just
my
general
opinion-
this
is
my
opinion
in
2019
and
I
hesitantly
let
out
some
bitcoin,
but
now
that
it's
growing
at
a
level
that
was
my
fear
in
2019.
C
I'm
watching
these
different
currencies
grow,
and
I
kind
of
like
the
monetary
system
that
we
have,
and
I
don't
want
to
go
back
to
the
confederacy
of
states
where
you
have
this
one
coinage
and
then
maryland,
has
a
different
and
we're
trying
to
figure
out
what
the
exchange
is.
That's
just
that's
just
where
I'm
at
I'm
being
theoretical,
but
that's
just
where
I'm
at.
D
So
treasure
con
of
the
record
center
neil.
I
really
appreciate
that,
and
I
think
three
three
follow-up
points
one.
We
totally
agree,
that's
why
we
want
it
pegged
to
the
us
dollar
right
as
opposed
to
a
currency
that
nevada
is
creating,
which
of
course,
obviously
is
constitutionally
problematic,
but
also
would
then
create
the
commerce
clause
issues
and
going
back
and
forth
between
states.
We
don't
want
that.
D
We
want
us
for
people
to
be
able
to
pay
their
bills
right
and
in
the
midst
of
frankly,
one
of
the
greatest
economic
recessions
we've
ever
seen
seeing
what
is
happening
at
the
federal
level,
seeing
what
is
happening
at
state
levels
and
at
city
levels
I'd
like
nevada
to
be
closer
to
the
top
on
this
one
than
closer
to
the
bottom,
and
that's
our
intention
here,
just
like
credit
cards
just
like
the
ability
to
accept
checks,
just
like
the
ability
for
people
to
take
on
individual
credit,
which
has
helped
millions
of
people,
expand
their
life
and
find
greater
worth
right,
expand
their
opportunities.
D
C
A
All
right.
I
have
a
couple
treasure
coin.
Help
me
out.
I've
heard
everything
you
said,
but
help
me
out
just
go
right
down
to
the
brass
tacks.
So
when
you
I
know
you
said
it's
like
a
check,
and
I
know
you
said
it's
like
a
credit
card,
but
those
are
things
we
have
in
our
hands.
Those
are
real
things
we
have
in
our
hand.
When
I
write
a
check,
I
have
a
credit
card.
I
have
something
in
my
hand
that
says
I
have
credit
basically
or
I
have
money.
A
D
So
treasurer
conan
for
the
record.
I
appreciate
that
question
and
I
think
it's
important
to
talk
about
what
a
credit
card
is
right.
A
credit
card
is
a
piece
of
plastic
with
a
magnetic
strip.
It
doesn't
store
money
on
it.
What
it
does
is
connect
your
account
to
the
account
of
the
person
you're,
paying
through
a
series
of
intermediaries
right
and
they
interchange
a
visa.
D
Mastercard,
your
bank
right
and
there's
a
process
where
money
moves
from
one
to
the
other,
but
actually
the
credit
card
itself
is
worth
no
money,
which
is
why,
if
you
drop
it
and
lose
it,
you
can
call
the
credit
card
company
and
get
them
to
turn
it
off
right.
A
check
has
a
similar
purpose.
A
check
is
a
vehicle
by
which
the
receiver
of
the
check
can
deposit
it
in
their
bank.
Their
bank
contacts,
the
issuing
bank
and
then
money
is
transferred
electronically
from
one
bank
to
the
other.
D
It's
not
like
someone's
bringing
1547
in
cash
from
wells
fargo
to
chase
right.
All
of
these
things
are
electronic
representations
of
money.
D
The
difference
in
something
like
a
stable
coin
is
that
a
stable
coin
exists
and
at
the
time
that
it's
transferred
from
one
location
to
the
other,
it's
actually
transferred
in
a
check
by
the
time
when
you
write
the
check,
there's
a
delay
between
when
you
write
the
check
and
when
the
check
goes
and
if
the
person
makes
a
mistake
or
the
person
doesn't
have
the
money
that
check
bounces
stable
coins
can't
bounce.
You
can't
overdraw
a
credit
card
right,
because
the
coin
is
either
there
or
it's
not.
D
So
the
coin
is
simply
a
digital
representation
of
money
in
the
same
way,
right
and
again
not
to
get
like
greater
banking
theory
that
everyone's
money
is
currently
a
digital
representation
of
money
to
senator
hansen's
part,
we've
been
off
the
silver
standard
in
the
gold
standard
for
quite
a
bit
of
time
right
we
have
a
fiat
currency,
a
currency
that
exists
because
of
the
faith
and
the
full
faith
and
credit
of
the
united
states.
This
is
a
digital
representation
of
that.
A
D
It's
a
treasure
conan
for
the
record,
so
the
way
that
digital
purchases
work
with
stablecoin
is
the
same
way
that
putting
your
credit
card
information
into
amazon
works
right.
It's
not
like
you,
go
to
an
amazon
store
and
swipe
your
credit
card.
You
put
in
your
information
and
it
pulls
from
the
account
when
you
pay
online.
Let's
say
the
dmv.
If
you
pay
with
a
check,
it
asks
for
your
routing
number
right
and
your
check
number
and
you
pull
those
off
the
bottom
of
your
check
and
you
send
it.
D
You
don't
have
to
throw
that
check
out.
You
don't
have
to
mail
that
check
in
to
carson
d
you're,
simply
connecting
right,
your
form
of
payment
with
the
form
of
acceptance
on
the
other
side
and
so
same
thing
for
stable
points.
People
hold
them
in
something
called
the
digital
wallet
which
effectively
feels
and
looks
like
a
bank
account.
So
if
you
were
to
sign
into
your
wells,
fargo
or
whoever
else
bank
account,
you
can
see
your
balance,
you
can
transfer
money
to
a
sibling
or
whatever
it's
the
same.
It's
the
same
mechanic.
A
D
So
the
treasure
conan
for
the
record
two
two
points
one.
This
doesn't
affect
commercial
transactions,
so
I
can
answer
the
question
in
like
an
aggregate
sense,
but
this
isn't
that's
not
actually
in
the
bill.
The
bill
is
specifically
about
the
government
taking
it.
We
take
very
few
payments
in
person
except
at
the
dmv,
but
the
way
that
it
would
work
at
an
in-person
location
is,
I
don't
know
if
you're
familiar
with
apple
pay,
where
you
take
your
phone
and
you
tap
it
to
the
thing.
That's
the
same
thing
all
apple
pay
is
doing.
D
Is
it's
connected
to
a
credit
card
or
to
a
bank
account
or
to
a
digital
stablecoin
right?
It's
the
same.
It's
the
mechanic
is
simply.
A
Okay,
so
the
other
thing
is
in
your
conversation,
you
said
it
didn't,
have
a
fiscal
note,
but
on
the
front
of
the
bill
it
says
effect
on
the
state.
Yes
under
fiscal
note.
So
can
you
talk
to
me
about
that?
A
little
bit.
D
D
If
somebody
pays
with
a
credit
card
right
and
so
in
order
for
the
state
to
pass
on
that
fee,
that's
the
fiscal
impact,
but
it
would
work
just
in
the
same
way
that
a
credit
card
would
work
we
passed
on
the
fee
like
amex
would
work,
it
doesn't
cost
the
state
anything
unless
the
state
agency
chooses
to
not
try
to
pass
that
fee
through
and
absorbs
it.
Some
state
agencies
do
the
one.
Some
state
agencies
do
the
other.
A
Right
well,
in
this
case
the
bill
actually
says
that
it
has
a
fiscal
note,
so
it
does
have
a
fiscal
note
unless
it
gets
removed.
So
that's
just
the
process
there,
but.
D
Yeah
but
sorry
treasure
counterfeit.
I
think
that's
simply
that
there's
a
fee
portion
involved.
This
won't
cost
the
state
anything
on
its
face
like
there
isn't
a
cost
to
implement
there'd
be
a
cost
if
we
actually
started
taking
the
things
which
would
either
be
passed
on
to
nevadans
or
eaten
by
the
state
agency
and
again,
that's
the
state
agency's
call
just
like
it
is
now
with
things
like
dmv
fees,.
A
Okay,
seeing
no
more
questions,
I'm
sure
there
are
some,
but
seeing
no
more
right.
Now
we
will
go
to
hearing
a
testimony
for
support,
opposition
and
neutral,
just
as
a
reminder
all
testifiers.
You
have
two
minutes
and
when
you're
ready
broadcasting,
please
go.
G
G
A
Thank
you
very
much
I'll
call
mr
conine
back
in
and
ask
him
if
he
has
any
final
remarks
and
if
not
we'll
move
on.
D
Treasurer
conan
for
the
record
again
chair
and
senators
thanks
so
much
for
hearing
the
bill.
I
know.
Sometimes
we
bring
forward
stuff,
that's
a
little
out
there
and
a
little
forward-looking.
I
appreciate
the
deference
in
hearing
about.
I
look
forward
to
working
with
all
of
you
and
try
to
get
this
one
over
the
line.
Thank
you.
A
Let's
see,
we
have
four
bills
previously
heard
by
the
committee,
and
I
would
like
to
remind
everyone
that
we
will
not
be
taking
testimony
at
the
work
session.
However,
I
may
ask
the
bill
proponents
to
participate
as
necessary.
If
we
have
questions
from
committee
members
and
our
policy,
analyst
alisa
keller
will
be
walking
us
through
the
work
session.
Ms
keller,
if
you're
ready,
please
proceed.
H
H
Senate
bill
14
revises
provisions
relating
to
certain
emergency
response
plans
and
assessments
sponsored
on
behalf
of
the
division
of
emergency
management
of
the
department
of
public
safety
and
was
heard
by
the
committee
on
february.
8Th
and
the
committee
will
recall
that
senate
bill
14
requires
the
division
of
emergency
management,
the
department
of
public
safety
to
post
its
guide
regarding
the
preparation
of
emergency
response
plans
on
its
website
and
requires
that
a
copy
of
the
guide
be
provided
to
certain
persons
or
entities
only
upon
request.
H
H
This
is
true
the
chair,
I
believe
mr
stoft
is
available
from
the
from
the
clark
county
water
reclamation
district.
He
proposed
the
amendment
mr.
I
David
stoff,
I'm
general
counsel,
with
the
clark
county
water
reclamation
district
for
the
record.
Thank
you
for
the
opportunity
to
present
this
amendment.
I
I
I
believe
to
answer
the
immediate
question
that
that
all
the
limits
would
still
apply
so
so
really
the
the
change
that
we're
after
is
just
to
fill
what
was
a
very,
very
technical
gap.
I
believe
an
unintentional
gap
and
the
way
the
definition
of
utility
and
municipal
utility
were
crafted.
I
The
water
reclamation
district
is
a
very
unique
entity
because
it
is
the
only
wastewater
service
provider
that
qualifies
or
that
wouldn't
fall
under
at
least
in
southern
nevada
would
not
fall
under
one
of
the
municipalities.
I
So
if
you
look
at
the
the
way
the
definitions
read
beginning
with
utility,
it
omits
what
our
waste
water
services
it
speaks
to
water
and
in
certain
contexts.
We
do
try
to
claim
that
we
are
part
of
the
water
industry,
but
we're
certainly
not
comfortable
enough
to
do
so.
I
In
this
context,
given
the
way
the
definitions
read
and-
and
so
what
we're
asking
for
under
the
definition
of
just
utility
is
to
add
a
reference
to
waste
water
services
and
that
will
loop
us
into
the
definition
of
utility,
which
then
loops
us
into
the
definition
of
municipal
utility,
because
municipal
utility
relies
and
cross-references
the
definition
of
utility.
I
So
all
the
other
wastewater
providers
will
fall
under
municipal
utility
because
they're
owned
by
a
municipality,
so
city
of
las
vegas,
they
have
their
own
wastewater
service,
henderson
las
vegas,
north
las
vegas.
They
all
have
their
own
wastewater
services,
so
they're
covered
because
we
are
at
gid
because
we're
a
318
created
entity.
We
just
kind
of
slip
right
out
of
that
definition
somehow
and
we're
just
trying
to
work
our
way
back
in
so
that
there's
a
reference
to
waste
water
services,
then
that
allows
us
to
be
referenced
within
the
municipal
utility
definition
as
well.
I
I
don't
know
if
that
answers
your
question,
but
the
same
limitations
that
apply
to
all
those
qualifying
organizations-
and
I
believe
I
was
not
prepared
for
that
particular
question,
but
I
do
believe
somewhere
in
there.
There
is
a
reference
to
500
connections
or
more,
but
I'd
have
to
verify
that.
If,
if
you
wanted
to
give
me
a
minute.
I
So
it's
a
it's
a
good
point.
I
know
if
you're,
if
you're
asking
me
a
question,
you
want
me
to
answer
and
I
can't
speak
for
all
gids.
I
I
can
speak
for
us
and
the
fact
that
we
don't
qualify,
which
is
specifically
because
we're
a
wastewater
service
provider
and
general
improvement
districts
are
already
referenced
under
the
under
the
definitions,
but
because
it
also
limits
that
to
if
you
give
me
a
second,
I
can
actually
tell
you
so
as
of
right
now
a
utility
includes
a
government,
a
a
provider
of
water
service,
electric
service
or
natural
gas
service
to
500
or
more
service
locations.
So
there
you
go,
and
the
term
includes
a
government
utility.
I
A
Thank
you,
mr
stockton.
Thank
you
for
joining
me.
Scramblers
club.
We
were
looking
for
more
members,
so
you
may
get
to
come
back
any
additional
questions
from
the
committee
on
this
particular
bill.
If
not,
I
will
entertain
a
motion
to
pass
as
remained
amended
new
pass.
Senator
orenshaw
do
I
have
a
second.
A
C
F
A
Yes,
thank
you
very
much.
The
motion
carries
and
senator
gokachia.
Would
you
be
so
kind
as
to
do
this
floor
statement?
I
would
love
to
thank
you,
madam
chair.
You
are
very
welcome.
Thank
you,
sir.
Okay.
Next,
we'll
move
on
to
hang
on
senate
bill
15
and
senate
bill
15..
H
Thank
you,
elisa
keller,
for
the
record
senate
bill.
15
revises
provisions
relating
to
grant
procurement
coordination
and
management
is
sponsored
on
behalf
of
the
department
of
administration
and
was
heard
by
the
committee
on
february
third
senate
bill
15
applies
the
standard
of
the
greatest
extent
practicable
to
certain
duties
of
the
administer
of
administrator
of
the
office,
of
grand
procurement,
coordination
and
management
of
the
department
of
administration
and,
in
addition,
senate
bill
15
authorizes
the
administrator
to
develop
a
manual
of
policies
relating
to
grant
procurement,
coordination
and
management
for
state
agencies.
A
Thank
you
very
much
any
questions
from
committee
members
senator
hansen.
F
Thank
you.
A
couple
of
questions,
one
is:
is
practicable,
an
actual
english
word.
Should
it
just
be
practical,
just
laugh,
but
I've
never
heard
of
the
word
practicable
before
so
just
a
question
on
that
and
the
other
questions
I
had
was
when
we
had
the
the
folks
presenting
the
bill
they
mentioned.
F
They
only
have
three
members
for
the
entire
grants
procurement
program,
and
I
was
wondering,
if
maybe
about
a
chair
later
on
down
the
road,
if
we're
going
to
perhaps
address
that
I'd
love
to
hear
what
they
feel
the
actual
staffing
needs
are
because,
according
to
testimony
as
I
recall
they
don't,
they
said
they
only.
F
We
went
from
50th
in
in
getting
grants
to
48.,
so
we're
moving
in
the
right
direction,
but
you
know
this
goes
back
to
2008
in
the
states.
Commission,
all
that.
So
I
just
kind
of
wonder
it
seems
like
we're,
leaving
a
ton
of
money
potentially
on
the
table
and
the
other
question
I
had
if
they're
available
a
lack
of
matching
funds.
Is
that
a
major
problem
in
getting
some
of
these
grants
for
the
state?
F
G
Madam
chair,
this
is
laura
freed.
I
serve
as
director
of
the
administration.
I
know
I
am
joined
by
erin
hasty,
but
I
did
not
see
her.
Oh
there
she
is
hi.
Thank
you.
It
doesn't
matter
for
one
of
you
I'll
I'll
start
it
off
and
I'll.
Let
miss
hasty
back
clean
up.
Yes,
practicable
is
a
word
often
used
in
drafting.
I
would
yield
to
your
committee
council,
ms
clarkson,
to
talk
about
the
distinctions
between
practical
and
practicable.
G
Number
two:
there
are
five
authorized
positions
in
the
grant's
office
right
now
the
others
are
kept
vacant
for
fy
21
budget
reductions
from
the
special
session
last
summer.
G
As
to
the
right
number
of
authorized
positions,
I
think
that's
a
policy
discussion
we
can
have
in
the
context
of
the
budget.
That's
certainly
a
it's
open
to
open
to
or
disagreement.
Let's
put
it
that
way,
but
it's
and
the
third
question
I'm
sorry.
I
blanked.
F
The
the
issue
came
up,
though,
that
some
state
agencies
can't
get
grants
because
they
don't.
They
lack
the
matching
funds.
Oh
okay,
right.
J
Thank
you,
aaron
hastie,
for
the
record
and
good
afternoon
yeah,
so
the
grant
matching
funds.
We
had
a
pilot
program
where
we
had
a
million
dollars
in
like
a
fund
and
we
had
a
staff
member
who
was
there
for
that.
We
were
accepting
applications
for
about
three
months.
We
did
get
31
applications.
We
were
able
to
allocate
970
000
for
it
of
it
of
a
million
within
three
months
which
would
return.
J
Everything
was
awarded
about
3.2
million
dollars
and
then,
unfortunately,
with
the
the
budget
shortfalls,
we
did
revert
that
back.
But
you
know
we
thought
the
program
was
successful
and
could
show
success,
and
so,
if
there's
opportunity
in
the
future
we'd
be
happy
to,
hopefully
laura
would
be
happy
to
run
it
again.
F
Well,
I
just
want
to
you
know
my
my
thinking
is:
I'd
want
to
help
you
get
as
much
staffing
or
whatever
you
need,
because,
if
we're
leaving
as
much
money
on
the
table
as
it
sounds
like
we
are,
this
is
an
area
of
policy-wise
or
whatever
that
we
should
be
having
a
serious
discussion
man.
This
isn't
the
time
to
do
it,
I'm
just
in
a
work
session
on
a
bill.
So
I
apologize.
Madam
chairman,
I
just
want
to
throw
that
out
there.
F
Just
it
just
seems
unfortunate
that
we're
only
48th
in
the
nation
we
moved
from
50th
to
48th,
and
it's
like
there
must
be
some
reason
for
that
that
I
don't
understand,
but
anyway,
thank
you
for
involving
me,
madam
chair.
A
You're
very
welcome
and
to
tandem
on
to
your
question,
I'm
going
to
have
miss
carson,
explain,
practicable.
J
Thank
you,
madam
chair,
for
the
record.
This
is
heidi
clarkson
with
the
legal
division.
Practicable
is
a
word
that
we
use
throughout
nrs.
The
definition
of
practicable
is
able
to
be
done
or
put
into
practice
successfully.
J
So
I
think
in
the
in
the
context
of
bill,
the
intent
is
that,
to
the
extent
that
the
the
office
is
able
to
provide
or
to
perform
these
tasks,
they
are
authorized
to
do
so.
So
it
is
a
probably
a
drafting
term,
but
I
think,
in
the
context
of
this
bill,
that's
used
correctly.
F
All
right,
why
well
well,
madam
chair
being
a
school
teacher,
I
was
reverting
back
to
miss
mrs
batchelder,
who
was
my
vocabulary.
Building
teacher.
He
used
to
throw
words
at
us
to
see
if
they
were
legitimate
or
not.
So.
Thank
you,
mrs
batchelder,
for
keeping
me
on
my
toes
and
so
and
now
I
know
about
practicable.
Thank
you.
A
E
A
A
A
and
ms
keller.
If
you'll
walk
us
through
the
bill.
H
Lisa
keller
for
the
record
senate
bill
16
is
sponsored
on
behalf
of
the
department
of
administration
and
senate
bill.
16
was
heard
by
the
committee
on
february
3rd
senate
bill
16
transfers
the
duty
to
provide
staff
assistance
to
the
nevada
commission
on
minority
affairs,
from
the
department
of
administration
to
the
department
of
business
and
industry.
H
A
A
Senator
okacia,
thank
you
very
much.
Is
there
a
second
second
second
senator
orrin
shaw.
Any
discussion
on
the
motion.
E
F
A
Yes,
thank
you
very
much.
The
motion
carries
and
vice
chair
orange
shawl.
Would
you
do
the
floor
statement
on
this?
Please.
A
H
H
A
Thank
you
very
much
committee
members.
Any
questions
please.
A
Okay,
seeing
none
do
I
have
a
motion?
Do
you
pass.
E
Sorry
I
was
pushing
the
wrong
button.
Senator
gregory,
yes,
do
pass.
A
Thank
you
very
much.
Do
I
have
a
second
second
second
from
senator
neil
any
discussion
on
the
motion.
A
Thank
you
very
much.
Will
the
secretary
please
take
a
roll
call
vote.
E
A
A
A
Then
public
broadcasting,
I
think,
we've
probably
waited
the
appointed
amount
of
time
to
gather
up
those
people.
So
hearing
no
public
comment.
That
concludes
our
meeting.
For
today
we
will
not
be
meeting
on
friday,
and
so
our
next
meeting
will
be
on
monday
and
that
will
start
at
3
30
and
we'll
see
you
all
then,
and
we
are
adjourned.
Thank
you
very.