Bill
Bill > H0586
ID H0586
ID H0586Adds to existing law to establish the Financial Accountability Stablecoin Transaction (FAST) Act to provide for the authorization and use of payment stablecoins.
summary
Introduced
02/04/2026
02/04/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
RELATING TO THE FAST ACT; AMENDING TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW CHAPTER 83, TITLE 67, IDAHO CODE, TO PROVIDE A SHORT TITLE, TO PRO- VIDE A DECLARATION OF NECESSITY, TO DEFINE TERMS, TO PROVIDE FOR A LIST OF AUTHORIZED PAYMENT STABLECOINS, REQUIRE A CERTAIN REPORT, AND PRO- VIDE FOR CERTAIN LEGISLATIVE AUTHORITY, TO PROVIDE FOR STATE USE OF AU- THORIZED PAYMENT STABLECOINS, AND TO PROVIDE FOR INTERSTATE COORDINA- TION; PROVIDING SEVERABILITY; AND DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE.
AI Summary
This bill, known as the Financial Accountability Stablecoin Transaction (FAST) Act, establishes a framework for the authorization and use of payment stablecoins, which are digital currencies backed by U.S. dollars or U.S. Treasury obligations, by the state of Idaho. It defines "GENIUS-qualified stablecoins" as those meeting federal standards outlined in the hypothetical "GENIUS Act" (P.L. 119-27), requiring them to be fully backed, redeemable, fungible, and issued by U.S.-based entities with robust oversight and reporting. The bill also allows for "public purpose-qualified stablecoins" issued by other U.S. states that provide a public benefit to Idaho. The State Treasurer and State Controller will jointly maintain a list of authorized stablecoins, report annually to the legislature on their use, cost savings, and benefits, and establish procedures for risk assessment and compliance. The state may use these authorized stablecoins for payments to vendors and contractors, though vendors are not required to accept them, and will receive disclosures about risks before opting in. The bill also includes provisions for interstate coordination and declares an emergency, making it effective on July 1, 2026.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Business Committee (House)
Last Action
Reported Printed and Referred to Business (on 02/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2026/legislation/H0586/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2026/legislation/H0586.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2026/legislation/H0586SOP.pdf |
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