Creating the “Financial Accountability Stable Token Act,” for financing and state payments

HB 5461 Text

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WEST VIRGINIA LEGISLATURE
2026
REGULAR SESSION
Introduced
House Bill 5461
By Delegates Leavitt, Linville, Clark, D. Cannon, Funkhouser, Willis, Petitto, Green, Ferrell, Stephens, and Maynor
[Introduced February 12, 2026; referred to the Committee on the Judiciary]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding a new article, designated §12-3B-1, §12-3B-2, §12-3B-3, §12-3B-4, §12-3B-5, §12-3B-6, §12-3B-7, and §12-3B-8, relating to creating the "Financial Accountability Stable Token Act," for financing and state payments; authorizing the use of qualifying stable tokens for payments to state vendors and contractors; establishing eligibility and reserve requirements; providing for administration and oversight by the State Treasurer; and providing for rulemaking and reporting; providing for severability.
Be it enacted by the Legislature of West Virginia:

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 the "FAST Act."

§12-3B-2. Legislative findings and purpose.

The Legislature finds that:
(1) Timely and efficient payment of obligations to state vendors and contractors is essential to the operation of state government;
(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 that:
(A) Is issued by a corporation incorporated and headquartered in the United States;
(B) Has corporate founders and controlling shareholders who are citizens of the United States;
(C) Is fully backed on a one-to-one basis by United States dollars or short-term United States Treasury obligations;
(D) Maintains reserves with United States-chartered banks or federally regulated custodians;
(E) Is redeemable at par value on demand;
(F) Is subject to quarterly independent attestations by a Public Company Accounting Oversight Board-registered accounting firm;
(G) Publishes monthly public reserve reports; and
(H) Operates in compliance with federal law and applicable regulations.
(2) "Treasurer" means the State Treasurer of West Virginia.

§12-3B-4. Authorization of qualifying state tokens.

(a) The Treasurer shall maintain and publish a list of stable tokens that meet all requirements of this article.
(b) The Treasurer may recognize and authorize a stable token for use upon determining compliance with this article, without further legislative action.
(c) A stable token does not qualify if it:
(1) Is issued by a foreign entity;
(2) Is controlled by non-United States persons; or
(3) Is backed by commodities, synthetic assets, foreign currencies, or other digital assets.
(d) Only United States dollar–denominated cash or short-term United States Treasury obligations may serve as reserve assets.
(e) The Treasurer shall review qualifying stable tokens annually and may suspend or revoke authorization for failure to meet the requirements of this article.

§12-3B-5. Use of tokens for state payments.

(a) The state may use qualifying stable tokens authorized under this article to make payments to vendors and contractors.
(b) Participation by vendors and contractors is voluntary.
(c) No vendor or contractor may be required to accept payment in a stable token.
(d) Payments made pursuant to this section constitute valid and final satisfaction of monetary obligations owed by the state.

§12-3B-6. Administration and rule making.

(a) The Treasurer shall promulgate legislative rules in accordance with §29A-3-1,
et seq.
of this code to implement this article, including:
(1) Integration with state accounting and payment systems;
(2) Security, custody, and fraud-prevention standards; and
(3) Procedures for authorization, monitoring, suspension, and revocation of stable tokens.
(b) The Treasurer may contract with private service providers to implement infrastructure necessary to administer this article.
(c) The Treasurer shall coordinate with applicable federal regulators to ensure compliance with federal law.

§12-3B-7. Reporting.

(a) The Treasurer shall submit an annual report to the Legislature detailing:
(1) Authorized stable tokens;
(2) Transaction volumes and cost savings;
(3) Risk assessments and safeguards; and
(4) Recommendations for statutory or regulatory changes.
(b) The report shall be made publicly available.

§12-3B-8. Severability.

If any provision of this article is held invalid, the invalidity does not affect other provisions which can be given effect without the invalid provision.

NOTE: The purpose of this bill is to create the "Financial Accountability Stable Token Act," or "FAST Act," for finance and state payments; authorize the use of qualifying stable tokens for payments to state vendors and contractors; establish eligibility and reserve requirements; provide for administration and oversight by the State Treasurer; provide for rulemaking and reporting; and provide for severability.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

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