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 in state payments to vendors and contractors. The bill outlines the criteria for what constitutes a qualifying stable token, including requirements for issuance, backing by U.S. dollars or Treasury obligations, and compliance with federal regulations. The State Treasurer is tasked with maintaining a list of authorized stable tokens, ensuring they meet the established criteria, and conducting annual reviews to uphold compliance.

Additionally, the bill mandates that participation by vendors and contractors in accepting stable tokens is voluntary, and no entity can be compelled to accept such payments. The Treasurer is also responsible for creating rules to implement the act, including security standards and procedures for monitoring stable tokens. An annual report detailing the use of stable tokens, transaction volumes, and recommendations for improvements will be submitted to the Legislature, ensuring transparency and accountability in the program. The bill includes a severability clause to maintain the validity of other provisions if any part of the act is deemed invalid.

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