Bill > SB560

This bill, known as the Financial Accountability Stable Token Act or FAST Act, allows the State Treasurer to authorize the use of qualifying "stable tokens" for payments to state vendors and contractors. A stable token is defined as a digital asset issued by a U.S.-incorporated and headquartered corporation with U.S. citizen founders and shareholders, fully backed by U.S. dollars or short-term U.S. Treasury obligations, held in reserves with U.S.-chartered banks or federally regulated custodians, redeemable on demand, and subject to independent audits and public reserve reports, all while complying with federal law. The State Treasurer will maintain a list of authorized stable tokens, which must be reviewed annually, and can suspend or revoke authorization if requirements are not met. While the state may use these stable tokens for payments, vendors and contractors are not required to accept them, and any acceptance or issuance of payment is voluntary, with payments made in stable tokens considered final satisfaction of state obligations. The Treasurer is authorized to impose fees to cover administrative expenses and must establish rules for integration with state systems, security, and oversight, while also coordinating with federal regulators and submitting an annual public report on the program's activities.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=560&year=2026&sessiontype=RS&btype=bill