The proposed bill introduces the Financial Accountability Stable Token Act (FAST Act) to the Code of West Virginia, establishing a framework for the use of qualifying stable tokens for payments to state vendors and contractors. The Act outlines eligibility criteria for stable tokens, which must be fully backed by U.S. dollar reserves, issued by U.S.-based corporations, and subject to independent audits. The State Treasurer is tasked with overseeing the authorization and maintenance of a list of compliant stable tokens, as well as implementing necessary rules and procedures for their use.

Additionally, the bill stipulates that while the state may utilize these stable tokens for payments, acceptance by vendors and contractors is voluntary. The Treasurer is authorized to impose fees related to the use of stable tokens, which must be disclosed prior to payment. An annual report detailing the performance and compliance of the stable tokens will be submitted to the Joint Committee on Government and Finance, ensuring transparency and accountability in the implementation of this new payment method.

Statutes affected:
Introduced Version: 12-3B-1, 12-3B-2, 12-3B-3, 12-3B-4, 12-3B-5, 12-3B-6, 12-3B-7, 12-3B-8
Committee Substitute: 12-3B-1, 12-3B-2, 12-3B-3, 12-3B-4, 12-3B-5, 12-3B-6, 12-3B-7