SB 560
Relating to financing and state payments
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the Financial Accountability Stable Token Act (FAST Act), aims to allow West Virginia to use qualifying stable tokens – digital assets backed by U.S. dollars – for payments to state vendors and contractors. The legislation establishes criteria for these tokens, including U.S.-based issuers, reserve requirements, and 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.
- Establishes specific requirements for stable tokens, including U.S. dollar backing and regular audits.
- Designates the State Treasurer as the administrator and overseer of the program.
- Requires the State Treasurer to maintain a list of authorized stable tokens.
- Provides for rulemaking to implement the act and establish security standards.
- Mandates an annual report to the Legislature detailing token usage and risk assessments.
- Allows for the suspension or revocation of token authorization if requirements are not met.
- Participation in accepting payments in stable tokens is voluntary for vendors and contractors.
Who is affected
- State government
- State vendors
- State contractors
- The State Treasurer’s office
- The West Virginia Legislature
Notable changes
- Introduces a framework for utilizing stablecoins for state financial transactions.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours