This bill would prohibit a person from issuing certain digital assets known as a payment stablecoins in the state unless the person is licensed as a permitted payment stablecoin issuer. This bill would authorize the Alabama Securities Commission to process and license applicants to become Alabama qualified payment stablecoin issuers. This bill would authorize the Alabama Securities Commission to implement and administer this act, and implement the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act and any regulation adopted pursuant to that act. Beginning in 2028, this bill would prohibit the offer or sale of a payment stablecoin that is not issued by a permitted payment stablecoin issuer. This bill would authorize the Alabama Securities Commission to recognize certain payment stablecoins for use by a state governmental entity to make payments to vendors and contractors for goods and services rendered. This bill would authorize governmental entities to pay for contracts, if requested by the vendor or contractor, using payment stablecoins. This bill would require a governmental entity to give certain disclosures to vendors and contractors before entering a contract where a payment stablecoin is used as payment. This bill would also create civil and criminal penalties for violations of this act.

Statutes affected:
Introduced: 8-7B-1