West Virginia SB560: Relating to financing and state payments

What the bill says

To amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §12-3B-1, §12-3B-2, §12-3B-3, §12-3B-4, §12-3B-5, §12-3B-6, and §12-3B-7, relating to creating the Financial Accountability Stable Token Act; authorizing use of qualifying stable tokens for payments to state vendors and contractors; establishing eligibility and reserve requirements; providing for administration and oversight by State Treasurer; authorizing imposition of fees; and requiring rulemaking and reporting by State Treasurer. article 3b. state payments and disbursements. §12-3B-1. S.

From the engrossed text, February 12, 2026:

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §12-3B-1, §12-3B-2, §12-3B-3, §12-3B-4, §12-3B-5, §12-3B-6, and §12-3B-7, relating to creating the Financial Accountability Stable Token Act; authorizing use of qualifying stable tokens for payments to state vendors and contractors; establishing eligibility and reserve requirements; providing for administration and oversight by State Treasurer; authorizing imposition of fees; and requiring rulemaking and reporting by State Treasurer. article 3b. state payments and disbursements. §12-3B-1. Short title. This article shall be known and may be cited as the Financial Accountability Stable Token Act or FAST Act. §12-3B-2. Legislative findings and purpose. The Legislature finds (2) Stable tokens fully backed by United States dollar-denominated reserves may reduce transaction costs, improve transparency, and expedite payment delivery; (3) The federal Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 provides a national framework for stablecoin regulation; (4) States are authorized under federal law to adopt substantially similar frameworks for oversight of stable token use; and (5) It is the purpose of this article to authorize the voluntary use of qualifying stable tokens for state payments while safeguarding public funds and maintaining fiscal integrity. §12-3B-3. Definitions. As used in this article: (1) "Stable token" means a digital asset (B) Has corporate founders and controlling shareholders who …

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