Bill > S1423

This bill, known as the Financial Accountability Stablecoin Transaction (FAST) Act, aims to authorize and regulate the use of payment stablecoins, which are digital currencies pegged to the value of a stable asset like the U.S. dollar, for state transactions in Idaho. It establishes criteria for "authorized payment stablecoins," which include those qualified under a federal law called the GENIUS Act (referring to a hypothetical federal act for the purpose of this bill) or "public purpose-qualified stablecoins" issued by other U.S. states that provide a public benefit to Idaho. The bill requires the Department of Finance to maintain a list of these authorized stablecoins annually, with the State Treasurer having the power to suspend or revoke authorization if a stablecoin no longer meets the qualifications or poses a risk. Furthermore, the State Treasurer must report to the legislature on the transaction volumes, cost savings, and benefits of using these stablecoins, while various state officials are tasked with establishing regulatory compliance, risk management, and accounting controls. The state and its controller are permitted to use authorized payment stablecoins for payments to vendors and contractors, though vendors are not required to accept them, and must be provided with disclosures about risks before opting to receive payment in this manner. The bill also allows for interstate coordination with other states and federal agencies regarding the use of public purpose-qualified stablecoins, and includes severability and an emergency clause for an immediate effective date.

Business and Industry, Government Affairs, Justice

State Affairs Committee (Senate)

https://legislature.idaho.gov/sessioninfo/2026/legislation/S1423/