HB 5461
Creating the “Financial Accountability Stable Token Act,” for financing and state payments
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the "Financial Accountability Stable Token Act" (FAST Act), aims to allow West Virginia to use stable digital currencies, known as ‘stable tokens,’ for making payments to state vendors and contractors. The bill establishes specific requirements for these stable tokens, including backing them with U.S. dollars and undergoing regular audits. The State Treasurer will oversee the program, establish rules, and report on its use and effectiveness.
Key provisions
- Authorizes the use of qualifying stable tokens for state payments to vendors and contractors.
- Defines ‘stable token’ based on criteria including U.S. dollar backing, U.S. incorporation, and regular audits.
- Requires the State Treasurer to maintain a list of authorized stable tokens.
- Establishes eligibility and reserve requirements for stable tokens.
- Provides for rulemaking and reporting requirements by the State Treasurer.
- Allows for the voluntary participation of vendors and contractors.
- Specifies that payments made with stable tokens are considered valid satisfaction of obligations.
- Requires the Treasurer to coordinate with federal regulators.
Who is affected
- State government agencies
- State vendors
- State contractors
- The State Treasurer’s office
- The West Virginia Legislature
Notable changes
- Introduces the possibility of using digital assets (stable tokens) for state financial transactions.
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